Singapore-listed property developer Roxy-Pacific Holdings will acquire two vacant sites in Glebe, a suburb of Sydney, Australia for A$67.38 million.
Located at No. 14 Cowper Street (Lot 10) and No.8 Elger Street (Lot 11), both sites have a total land area of around 7,125 sqm, and could yield about 248 housing units subject to regulatory approval.
The purchase consideration was arrived on a willing-buyer willing-seller basis, after taking into account various commercial factors including inter alia, the location of the properties, and the recent transacted prices for other properties in the vicinity.
In a statement, the group said the acquisition will be financed by internal funds and bank borrowings, and is not expected to have any material impact on the earnings per share and net tangible assets per share of the company for the financial year ending 31 December 2015.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
