Roxy-Pacific Holdings, on Feb 18, has subscribed for 840,000 shares in Mequity Hills for $840,000, through its wholly-owned subsidiary, RP Ventures.

Mequity Hills, which has since become an associate of Roxy-Pacific Holdings, entered into an agreement to acquire a 999-year leasehold residential site comprised within Lot 99458P and 99470L of TS 21 at 10A and 10B Institution Hill, Singapore at the purchase price of $33.6 million.

The site has an estimated land area of 8,761 sq ft and has a plot ratio of 2.8 under the 2019 Master Plan for residential development.

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Mequity Hills says it intends to combine 10A and 10B with another 999-year leasehold site at 11 Institution Hill after it exercises the Option to Purchase issued on Feb 1 to acquire the new site.

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The amalgamated site will have an estimated total land area of 14,300 sq ft with a total gross floor area (GFA) of 40,040 sq ft for residential development.

The subscription of shares in Mequity Hills and the cost of the acquisition will be funded internally and through bank borrowings.

Shares in Roxy-Pacific closed flat at 35 cents on Feb 18.