Homegrown property developer Roxy-Pacific Holdings has entered into an agreement to acquire a freehold residential site in the Joo Chiat area for $21.5 million.
Located at No.26 Sea Avenue, the 19,474 sq ft site has an existing plot ratio of 1.4. It is zoned for residential apartment development under the 2014 Master Plan.
The site is close to major roads such as East Coast Road and Marine Parade Road, as well as shops and F&B outlets at 112 Katong and Katong V.
The acquisition will be financed through internal funds and bank borrowings, and is not expected to have a material impact on the group’s financial statements this year.
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, wrote this story. To contact him about this or other stories email email@example.com