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Roxy-Pacific subsidiary inks deal to buy freehold Singapore site for S$74M

Roxy-Pacific Holdings Ltd. subsidiary RH Developments Two Pte. Ltd. agreed to buy the 20-unit Derby Court condominium development on Derbyshire Road in Singapore's Novena district for nearly S$73.9 million.

The amount agreed on for the roughly 18,506-square-foot condominium development is higher compared to the S$62 million reserve price attached to the property when it was marketed in November.

Roxy-Pacific will use a combination of internal funds and bank loans to fund the acquisition of the property, which has a gross floor area of 53,094 square feet and a 2.8 gross plot ratio based on the Urban Redevelopment Authority's 2014 Master Plan.

According to a news release, completion of the transaction is conditional upon the approval of an order of sale by the Strata Titles Board or the High Court of Singapore.

As of Dec. 13, US$1 was equivalent to S$1.35.