ROXY-PACIFIC HOLDINGS has clinched a deal to buy a large plot of land on which an old bungalow sits in Sea Avenue near Marine Parade Road.
"It's one of the last few remaining bungalows that can be developed into apartments in the East," said Roxy-Pacific CFO Koh Seng Geok.
The purchase of 26, Sea Avenue, for S$21.5 million, stands out for another reason: It is Roxy-Pacific's first purchase of landbank in Singapore since June 2013.
The Sea Avenue site is on 19,474 sq ft of freehold land and has an existing plot ratio of 1.4.
Mr Koh said Roxy-Pacific plans to develop 25-26 "very exclusive" apartments there. Its location is very near to a future MRT station as well as Marine Parade Central.
The project will be launched for sale likely in 1H2016, said Mr Koh.
The acquisition adds to Roxy-Pacific's landbank which now comprises a total of four plots of land in Malaysia and Australia.
It also has three hotels under development in Phuket, Perth and Kyoto.
Completing its portfolio are an existing owned hotel in Singapore (ie, Hotel Grand Mercure Roxy Singapore) and a total of two investment properties in Singapore and Sydney.
For details, see the company's 2Q2015 Powerpoint materials here.