ROXY-PACIFIC: Bags a big one, with $106-m acquisition of Moulmein land

Roxy-Pacific Holdings is making its second biggest land acquisition in Singapore's current property cycle.

The developer is adding its 11th land site to its portfolio with the $106-million purchase of 27 Moulmein Rise, as announced last night.

Roxy Pacific
Stock price: 50.5 c	Target price: 63 c
Source: DBS Vickers

The freehold residential site -- currently vacant -- and a small adjacent plot has an estimated total land area of 22,198 sq ft.

It can be redeveloped into a 20-storey residential apartment with a maximum permissible gross floor area of 72,003 sq ft.

It is a short stroll to the Novena MRT Station as well as the retail and F&B hubs of Velocity Novena Square, Square 2 and United Square.

The top 2 land purchases of Roxy-Pacific:

Where	Buy date	Land area	Gross floor area	Interest	Land cost
River Valley Road	Aug 2017	28,793 sq ft	80,632 sq ft	100%	$110m
Moulmein Rise	May 2018	22,198 sq ft	72,003 sq ft	100%	$106 m

teohonglim2.18 Roxy-Pacific CEO Teo Hong Lim.
NextInsight file photoAt $106 million, the Moulmein Rise purchase dwarfs the average purchase price of about S$49 million for Roxy-Pacific's current portfolio of 10 sites.

The Moulmein site purchase is second to the $110-million purchase of a plot of vacant land opposite Yong An Park condo on River Valley Road.

The site has a land area of 28,793 sq ft and can be built up to a gross floor area of 80,632 sq ft.

ROXY-PACIFIC: Bags a big one, with $106-m acquisition of Moulmein land

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