Roxy-Pacific to purchase AUD27.5m development property in Australia

It will be financed by internal funds and loans.

The property firm is preparing to purchase another development property down under as it has entered into an agreement to acquire a property in Potts Point, NSW, Australia.

According to a press release by Roxy-Pacific, the acquisition will be financed by internal funds and bank borrowings, and 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.

“The Property comprises a 930 sqm site, for which development approval from the relevant authorities has been obtained by the Vendor of the Property for forty-six (46) residential units and one retail unit,” the statement said.

“The total gross floor area is 3,581 sqm. The Acquisition is subject to the condition of obtaining the relevant notification of no objection to the Acquisition from the Foreign Investment Review Board of Australia,” the statement added.