Mequity Hills, the indirect associated company of Roxy-Pacific Holdings, has acquired a 999-year leasehold residential site situated at Lot 99474V of TS 21 at 11 Institution Hill, Singapore for the purchase price of $23 million.
Roxy-Pacific, on Feb 18, subscribed for 840,000 shares in Mequity Hills for $840,000, through its wholly-owned subsidiary, RP Ventures.
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The site acquired has an estimated total land area of 5,539 sq ft and has a plot ratio of 2.8 under the 2019 Master Plan for residential development.
Mequity Hills, as announced in February, intends to amalgamate 11 Institution Hill with the other 999-year leasehold site at 10A and 10B Institution Hill. The combined site will have an estimated total land area of 14,300 sq ft with a total gross floor area of 40,040 sq ft for residential development.
The cost of the acquisition will be financed by internal funds and bank borrowings.
Shares in Roxy-Pacific closed 0.5 cent higher or 1.4% up at 35.5 cents on May 17.