Roxy-Pacific Holdings says Mequity, which is 45% owned by the company’s wholly-owned subsidiary Roxy Land, has entered into an agreement to acquire Toh Tuck Apartment, a freehold site on Toh Tuck Road at a purchase price of $33.9 million.

The said freehold site has a total land area of 40,449 sq ft and a maximum plot ratio of 1.54 for apartment development.

The cost of the above acquisition will be financed by internal funds and bank borrowings and is not expected to have a material impact on the group’s consolidated earnings and net tangible assets per share of the company for the current financial year ending December 31, 2010.

None of the directors or controlling shareholders of the company has any interest, direct or indirect in the above transaction, other than their shareholdings in the company.