RH West Coast, a wholly-owned subsidiary of Roxy-Pacific Holdings, is looking at a joint venture with an independent shareholder and two real estate companies to acquire a freehold residential site at Harbour View Gardens (pictured) along Pasir Panjang Road for S$33 million.
Zoned for residential usage, the 30,745 sq ft site has a plot ratio of 1.4.
Under the joint venture agreement, Roxy-Pacific and Macly Equity will each hold a 45 percent stake while Ken Yeo and Rich-Link Development will divide the remaining 10 percent amongst themselves.
With the acquisition being funded by bank borrowings and internal funds, Roxy-Pacific does not expect the acquisition to have any material effect on its net tangible assets and consolidated earnings for the current financial year ending 31 December 2012.
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