Main-board listed Roxy-Pacific Holdings and its partners have acquired the Marina House at Shenton Way for S$148 million.
The deal was done through its wholly-owned subsidiary RL Properties, which has formed a consortium with four other companies, with an equal shareholdings of 20 per cent each.
They include Macly Capital, Pinnacle Assets, Fission Holdings and Mr Chee Hsian Sing.
Marina House, owned by the Hong Leong Group, is situated on a land area of 1,833.5 square metres and comprises of a four-storey podium and a 17-storey office tower.
The consortium plans to convert Marina House into a luxurious mixed development, with a 42-storey residential apartment block and commercial space on the first floor.
In a statement, Roxy-Pacific said it is optimistic that the development will be well-received.
It cited a nearby property 76 Shenton Way which was sold within a day, achieving a selling price of up to S$2,600 per square foot.
The transaction will be financed through internal cash resources and it is not expected to have a material impact on the earnings per share of the Group for the current financial year.
Details of the project will be unveiled at a later date.
Source : Channel NewsAsia – 5 Apr 2010
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