Tag Archives: RoxyPacific

Roxy-Pacific to launch six sites for sale in 2018

Roxy-Pacific bought Harbour View Gardens for $ 33.25 million in 2016. (Photo: Colliers International)

Roxy-Pacific Holdings reported a revenue of $ 43.3 million during the fourth quarter of 2017, down 53 percent from $ 93.1 million over the same period in 2016. Net profit also fell 39 percent to $ 7.3 million from $ 11.9 million in Q4 2016.

For the full-year 2017, revenue fell 36 percent to $ 246.8 million, while net profit dropped 41 percent to $ 29.4 million.

The property development segment remained the key revenue driver of the group, accounting for 78 percent of total group revenue in FY2017.

Roxy-Pacific noted that the segment’s comparatively lower revenue in FY2017 of $ 191.8 million from 2016’s $ 326.6 million was “mainly due to the absence of revenue recognised in FY2016 on projects that had completed in 2016 and early 2017”.

Meanwhile, Roxy-Pacific revealed that it currently counts 10 development sites in Singapore as its land bank. Of these, it plans to launch six development sites for sale this year, including The Navian and development sites at Grange Road, Upper Bukit Timah Road, Guillemard Lane as well as Harbour View Gardens at Pasir Panjang and River Valley.

Comprising a total of 440 units, these projects are expected to positively contribute to the earnings of the group progressively from the first quarter of 2019.

“Over the last couple of years, we’ve progressively accumulated predominantly freehold sites at attractive prices amidst the property downturn,” said Roxy-Pacific executive chairman and CEO Teo Hong Lim.

“Now that prices and sales volumes are picking up, we are well positioned to ride on this turnaround with six property launches planned for this year. We’ll continue to prudently strengthen our land bank while focusing on execution to ensure sustainable long-term growth.”

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

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Roxy-Pacific has big plans for Kismis View site

A Roxy-Pacific led joint venture intends to combine the Kismis View site with an adjacent plot to create a huge residential redevelopment measuring 100,336 sq ft. (Photo: JLL)

Following their $ 102.75 million en bloc purchase of the 90,863 sq ft Kismis View site last month, Roxy-Pacific Holdings and its joint venture partner now intend to buy an adjacent plot measuring 9,473 sq ft.

“Roxy-TE2 Development has entered into a put and call option agreement to acquire the property known as 19 Lorong Kismis in Land Lot 656A MK5 at a purchase price of $ 5.69 million,” said an SGX filing released on Thursday (8 February).

SEE ALSO: Kismis View sold en bloc for $ 102.75m

Roxy-Pacific Holdings holds a 60 percent stake in this entity, while the remaining 40 percent is owned by TE2 Development, a private family office of Tong Eng Group’s group managing director, Teo Tong Lim.

“The put and call option agreement is subject to and conditional upon, inter alia, the obtaining of in-principle approval from the Singapore Land Authority to issue a fresh 99 years lease for both sites and an Order for Sale from the Strata Titles Board or the High Court (as may be necessary) approving the sale of Kismis View,” they said.

The 99-year leasehold tenure of the smaller site and Kismis View respectively commenced from 1960 and 1984. Both are zoned for residential use and each have an existing gross plot ratio (GPR) of 1.4.

Furthermore, Roxy-Pacific and TE2 Development intend to combine both plots to create a residential redevelopment with a combined land area of approximately 100,336 sq ft.

The $ 5.69 million acquisition of 19 Lorong Kismis will be funded by bank loans and internal funds.

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

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Derby Court sold to Roxy-Pacific unit for $73.88mil

Third time’s a charm for Derby Court, which was sold for $ 73.88 million to Roxy-Pacific subsidiary, RH Developments Two Pte Ltd.

Based on the development’s “as built” gross plot ratio of 2.872, the sale price translates to a land rate of around $ 1,390 psf per plot ratio, said Tan Hong Boon, regional director at JLL, which is the property’s sole marketing agent.

JLL noted that owners of the development stand to receive between $ 3.36 million and $ 6.65 million in gross sales proceeds per unit, reported Business Times.

Nestled on an 18,506 sq ft freehold site, Derby Court comprises two penthouses and 18 apartment units. It is located along Derbyshire Road within the Novena locale, near the Anglo-Chinese School (Junior) and just across the road from St Joseph’s Primary Institution (Junior).

In an SGX filing, Roxy-Pacific revealed that it intends to finance the acquisition by bank borrowings and internal funds.

It added that the acquisition is “not expected to have a material impact on the group’s consolidated earnings and net tangible assets per share of the company for the current financial year ending 31 December 2017”.

 

This article was edited by Keshia Faculin.

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