SEE:CEO of IPS Securex pares stake as company reverses from the red
The site acquired has an estimated total land area of 5,539 sq ft and has a plot ratio of 2.8 under the 2019 Master Plan for residential development.
Mequity Hills, as announced in February, intends to amalgamate 11 Institution Hill with the other 999-year leasehold site at 10A and 10B Institution Hill. The combined site will have an estimated total land area of 14,300 sq ft with a total gross floor area of 40,040 sq ft for residential development.
The cost of the acquisition will be financed by internal funds and bank borrowings.
Shares in Roxy-Pacific closed 0.5 cent higher or 1.4% up at 35.5 cents on May 17.
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