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Singapore-listed Roxy-Pacific Holdings is growing its presence in Australia after securing a joint venture agreement with Australia-based superannuation fund Hostplus to acquire a 4.4ha site in Perth, Australia for A$59 million.
This is Roxy Pacific’s second of such joint venture with Hostplus. It involves rezoning the industrial site in North Fremantle for residential and commercial uses.
The land parcel is located next to Leighton beach and a train station with direct access to Perth’s central business district.
Roxy-Pacific will provide 40 percent of the funding for the acquisition and the rest will come from Hostplus.
Both companies had earlier invested on similar terms in purchasing two adjoining sites—to be developed into two residential buildings of 432 units with retail, restaurant and office spaces on the ground floor—in South Brisbane.
“This acquisition will be Roxy-Pacific’s fourth investment in Australia, demonstrating our confidence in the Australian property market,” said Teo Hong Lim, Executive Chairman and CEO of Roxy-Pacific.
“For all overseas projects, we will maintain a prudent stance, working closely with experienced and reputable partners who complement our strengths and provide the relevant synergies. We continue to be on the lookout for projects within and beyond Singapore to ensure a well-diversified portfolio, enhancing shareholder value,” he added.
Apart from development sites in North Fremantle and South Brisbane, Roxy-Pacific has also invested in a hotel development site and an office building in central Perth and Sydney respectively.
Image: The two adjacent sites in North Fremantle being acquired by Roxy-Pacific and Hostplus. (Photo by Roxy-Pacific)
Written by Romesh Navaratnarajah, Singapore Editor at PropertyGuru, edited by Nikki De Guzman for CommercialGuru.
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