ROXY-PACIFIC HOLDINGS, once an entirely Singapore-centric business, is fast developing its property exposure to Australia, with its latest acquisition there being the sixth in less than two years.
An associate of Roxy-Pacific entered into an agreement on 3 Dec to acquire a commercial property at 117 Clarence Street, Sydney, Australia.
The total purchase price, via Feature-Roxy, is AUSD81 million.
An indirect wholly-owned subsidiary of Roxy-Pacific, Roxy-Pacific Investments, owns 50% of Feature-Roxy while the other 50% is held by Feature Trend (Sydney), a unit of Tong Eng Group, a private real estate developer in Singapore.
|Attributable land cost|
|64 Peel St & 9 Cordelia St, Brisbane||Commercial & Residential Development||40%||AUD13.4 million|
|54 & 85 Bracks Street, North Fremantle||Industrial land; to be rezoned for commercial and residential use||20.2%||AUD11.9 million|
|6A and 8 Buckingham Road, Killara NSW||Residential Development||100%||AUD15.65 million|
|609, Wellington Street||A hotel development land parcel to be developed into a 23 level, 332 room Marriott Courtyard hotel||49%||AUD8.3 million|
|» Investment properties|
|59 Goulburn Street, Sydney||28-storey commercial building||100%||AUD90.2 million|
|117 Clarence Street, Sydney||14-storey commercial building||50%||AUD40.15 million|
The Clarence Street property is a 14-storey commercial building, with three street frontages, with views through the Sydney’s Central Business District and out to Darling Harbour.
It is a freehold property with a total site area of approximately 1,190 square metres, and net lettable area of approximately 12,571 square metres.
The Roxy-Pacific board believes the property presents a prime investment opportunity and has potential to be a stable source of rental income for the Group.