Roxy-Pacific Holdings is planning to launch two property projects in the second half of 2011. One of the two developments is a five-storey freehold residential project located at Toh Tuck Road, which will comprise more than 100 small apartments.
The other project will involve alteration works to Everitt Building at Changi Road. This will add one and a half floors to the existing four-storey property. Retail shops at the Everitt Building will be on the ground floor, including office units on the second to fifth floors. Above these will be facilities, such as a gym and swimming pool.
The company also plans to acquire a 20 percent stake in a consortium that owns 70 Shenton Way. It plans to redevelop the office block into a commercial-cum-residential project, with the commercial components comprising retail units on the ground level and office units on the upper levels.
Meanwhile, Roxy-Pacific has posted a 17 percent drop in its revenue to S$50.4 million for the first quarter ending 31 March. This was attributed to a 24 percent decline in revenue from property development, which was offset by s revenue increase of 10 percent from the company’s property investments and 13 percent from its hotel business.
The company said lower revenue from property development was due to progressive revenue recognition from the company’s projects in Q1 2010, as compared to Q1 2011.
The company recognised sales from seven projects in the first quarter this year, including The Verte, The Azzuro, The Lucent, The Florentine, Studios@Tembeling, Nova 48 and Nova 88.
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