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COMMERCIAL PROPERTY | Staff Reporter, Singapore

Roxy-Pacific buys office property in Australia for $76.02m

It first formed a JV company to get the sales contract.

Roxy-Pacific Holdings Limited (Roxy-Pacific) bought a property at 312 St Kilda Road, Victoria, Australia for $76.02m (A$74.14m).

According to an announcement, Roxy-Pacific first set up joint venture (JV) company, TE2 Roxy Australia Pty Ltd, in order to get the contract of sale agreement.

The property comprises of an office building near Melbourne's Central Business District.

It is freehold and has a total site area of approximately 1,906 sqm and a net lettable area of approximately 9,854 sqm.

"The Board believes the Property presents a prime investment opportunity and has potential to be a stable source of rental income for the Group," Roxy-Pacific said.

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