Homegrown property developer Roxy-Pacific Holdings has entered into an arrangement to acquire a freehold residential site in the Joo Chiat region for $21.5 million.
Located at No.26 Sea Avenue, the 19,474 sq ft website has an existing plot ratio of 1.4. It’s zoned for residential apartment development under the 2014 Master Plan.
The site is close to major roads for example Marine Parade Road and East Coast Road, F&B outlets and in addition to stores at 112 Katong and Katong V.
The acquisition will be funded through internal funds and bank borrowings, and isn’t expected to have a material effect on the group’s financial statements.