Roxy-Pacific acquires site at River Valley Road for $110 mil

Angela Teo / EdgeProp | August 11, 2017

RH Capital Two, a wholly-owned subsidiary of Roxy-Pacific Holdings, announced on Aug 7 that it has entered into an agreement to purchase a residential site on River Valley Road for $110 million, which translates into $1,362 psf (based on gross floor area). The price does not include a development charge estimated to be $17.6 million. The purchase was made via a private treaty deal brokered by CBRE.

The freehold site of 28,798 sq ft is zoned for residential apartment development, with an existing plot ratio of 2.8, which works out to a gross floor area of 80,734 sq ft. As such, Roxy-Pacific reckons the site can be redeveloped into a new condominium block of 18 storeys, with more than 100 units. The project could be launched in 3Q2018.

Separately, Roxy-Pacific also announced that it has acquired Tenmabashi Grand Hotel Osaka (below) for •3 billion ($36.8 million). This marks the groupís second hotel acquisition in Japan. The 154-room hotel spans nine floors and has a total floor area of 39,528 sq ft. It will be managed by Roxy-Pacificís hospitality management arm, Noku Roxy, which is already managing Noku Kyoto, a boutique hotel in that city.

Roxy-Pacific recently announced the acquisition of an office building in New Zealand for $175 million. The purchase was made jointly with another Singapore- listed construction and property group, Chip Eng Seng Corp, with each holding a 50% stake. The property, located at 205 Queen Street in Auckland, comprises two commercial towers of 17 and 22 storeys, as well as a retail podium. It has 273,201 sq ft of net lettable area, of which 96.37% is currently leased.