Between Sept 23 and 29, Roxy-Pacific Holdings independent director Winston Tan Tien Hin acquired 310,000 shares of the listed company for a consideration of S$100,075.

 

At 32.28 cents per share, this increased his total interest in Roxy-Pacific Holdings from 0.82 per cent to 0.85 per cent.

 

This represented 55 per cent more shares than Mr Tan acquired over the preceding five sessions.

 

The independent director has gradually increased his total interest in the company from 0.71 per cent on March 29.

 

Mr Tan has been a non-executive director of Roxy-Pacific Holdings since December 2006.

 

He is also executive chairman of Serrano and non-executive director of Plastoform Holdings.

 

Between Sept 16 and 22, Roxy-Pacific Holdings independent director Winston Tan Tien Hin acquired 200,000 shares of the listed company for a consideration of S$64,575.

 

At 32.29 cents per share, this increased his total interest in Roxy-Pacific Holdings from 0.81 per cent to 0.82 per cent.

 

This represented 40 per cent more shares than Mr Tan acquired over the preceding five sessions.

 

The independent director has gradually increased his total interest in the company from 0.71 per cent on March 29.

 

Mr Tan has been a non-executive director of Roxy-Pacific Holdings since December 2006.

 

He is also executive chairman of Serrano and non-executive director of Plastoform Holdings.

 

Between Sept 10 and 15, Roxy-Pacific Holdings independent director Winston Tan Tien Hin acquired 140,000 shares of the listed company for a consideration of S$45,825.

 

At 32.73 cents per share, this increased his total interest in Roxy-Pacific Holdings from 0.80 per cent to 0.81 per cent.

 

This represented 30 per cent more shares than Mr Tan acquired over the preceding five sessions.

 

The independent director has gradually increased his total interest in the company from 0.71 per cent on March 29.

 

He has been a non-executive director of Roxy-Pacific Holdings since December 2006.

 

Mr Tan is also executive chairman of Serrano and non-executive director of Plastoform Holdings.

 

Between Sept 3 and 8, Roxy-Pacific Holdings independent director Winston Tan Tien Hin acquired 108,100 shares of the listed company for a consideration of S$35,133. At 32.50 cents per share, this increased his total interest in Roxy-Pacific Holdings from 0.79 per cent to 0.80 per cent.

 

Mr Tan' s preceding acquisitions in August were also booked at 32.50 cents per share. The independent director has gradually increased his total interest in the company from 0.71 per cent on March 29.

 

Mr Tan has been a non-executive director of Roxy-Pacific Holdings since December 2006. He is also executive chairman of Serrano and non-executive director of Plastoform Holdings.

 

Between Aug 26 and 31, Roxy-Pacific Holdings independent director Winston Tan Tien Hin acquired 99,000 shares of the listed company for a consideration of S$32,175.

 

At 32.50 cents per share, this increased his total interest in Roxy-Pacific Holdings from 0.78 per cent to 0.79 per cent.

 

Mr Tan' s preceding acquisitions earlier in August were also booked at 32.50 cents per share and the independent director has gradually increased his total interest in the company from 0.71 per cent on March 29.

 

Mr Tan has been a non-executive director of Roxy-Pacific Holdings since December 2006.

 

He is also executive chairman of Serrano and non-executive director of Plastoform Holdings.

 

In addition, he is currently the managing director of Winmark Investments Pte Ltd, Corporate Brokers International Pte Ltd and ZhenXing Commercial Consultancy (Shanghai) Co Ltd.

 

Between Aug 24 and 25, Roxy-Pacific Holdings independent director Winston Tan Tien Hin acquired 30,000 shares of the listed company for a consideration of S$9,750. At 32.50 cents per share, this marginally increased his total interest in Roxy-Pacific Holdings, which is 0.78 per cent.

 

Mr Tan' s preceding acquisitions were between Aug 12 and 18, with 142,200 shares acquired, also at 32.50 cents per share. Prior to this, he made acquisitions back in May, with 209,800 shares at 32.5 cents per share between May 14 and 20, and 150,000 shares acquired between May 4 and 13 at 32.3 cents per share.

 

Mr Tan has been a non-executive director of Roxy-Pacific Holdings since December 2006.

 

Between Aug 12 and 18, Roxy-Pacific Holdings independent director Winston Tan Tien Hin acquired 142,200 shares of the listed company for a consideration of S$46,215.

 

Mr Tan' s preceding acquisitions were in May, with 209,800 shares also acquired at 32.5 cents per share between May 14 and 20, and 150,000 shares acquired between May 4 and 13 at 32.3 cents per share.

 

Mr Tan maintains a 0.78 per cent interest in Roxy-Pacific Holdings. He has been a non-executive director since December 2006.

 

He is also executive chairman of Serrano and non-executive director of Plastoform Holdings.

 

He is also currently the managing director for Winmark Investments Pte Ltd, Corporate Brokers International Pte Ltd and ZhenXing Commercial Consultancy (Shanghai) Co Ltd.

 

PROPERTY and hospitality group Roxy-Pacific Holdings saw its net profit sink 70 per cent to S$2.79 million for the half-year ended June 30, dragged down by the impact of Covid-19.

 

Revenue fell 16 per cent to S$118.07 million, mainly due to lower revenue from the property-development and the hotel-ownership segments.

 

Earnings per share stood at 0.21 Singapore cents, down from 0.72 cents a year ago.

 

There was no dividend declared this time around.

 

In its half-year results, the revenue of its property-development segment fell 11 per cent to S$99.3 million, mostly due to the absence of revenue recognition from The Hensley and The Navian. In addition, the closure of construction sites due to Covid-19 restrictions resulted in delays for residential projects such as 120 Grange and Harbour View Gardens, resulting in a lower recognition of revenue.

 

The group&rsquo s hotel operations was harder hit by the Covid-19 outbreak, as many countries imposed border-control measures, impacting the tourism industry revenue from the hotel-ownership segment fell 39 per cent to S$15.1 million in H1 2020.

 

In its outlook, the group said that as a result of the challenging market conditions brought about by Covid-19, its financial results will be &ldquo adversely affected&rdquo , and the extent of the impact will depend on the future trajectory of the pandemic and its recovery.

 

&ldquo While the group managed to stay profitable in H1 2020, mainly due to the successful divestment of its retail building in the Ginza, Japan, management expects the financials in H2 2020 to be adversely impacted by the ongoing unprecedented market uncertainty, including operational performance during the period and risk of asset impairments at year end,&rdquo said the group in its outlook.

 

Roxy-Pacific said that it will continue to monitor the evolving pandemic situation and adjust and react proactively with appropriate counter-measures to minimise the financial impact for the financial year ending Dec 31, 2020.

 

MAINBOARD-LISTED property developer Roxy-Pacific Holdings and the private family office of Teo Tong Lim have joined hands to potentially acquire a 21-storey Melbourne office building for A$145 million (S$140.5 million).

 

Roxy-Pacific on Tuesday announced it had invested in a 40 per cent stake in Singapore master trust TE-Roxy Commercial Trust I at a committed capital of A$27 million, which will be financed by internal funds.

 

The other 60 per cent interest in TE-Roxy is held by Mr Teo' s family office, TE2 Group. Mr Teo is the managing director of property developer and investment house Tong Eng Group, which is well known in the Melbourne market.

 

TE-Roxy will hold the entire interest in a Singapore company TECT I. In turn, TE-Roxy and TECT I will together wholly own Australian head trust TE Australian Trust I as well as Australian sub-trust TE Skyhigh Trust.

 

Roxy-Pacific' s subsidiary, Roxy Australia Capital, will enter into an agreement with TE2 Group and other parties to govern the rights and obligations of each investor in relation to the units in the trusts.

 

The trusts were set up to establish an incorporated joint venture with the objective of acquiring the building at 350 Queen Street in Melbourne.

 

A sale and purchase agreement to buy the property for A$145 million, not including stamp duty and due diligence costs, has been signed, Roxy-Pacific said. 

 

Under the agreement, TE Skyhigh Trust will be the acquiring entity. The proposed property acquisition is subject to conditions including TE Skyhigh Trust obtaining approval from the Foreign Investment Review Board in Australia.

 

Roxy-Pacific said the purchase price was arrived at after taking into account commercial factors such as the location of the property and the recent transacted prices for other properties in the vicinity.

 

The Australian Financial Review (AFR) reported on Tuesday morning that the acquisition was agreed on an initial yield of 4.8 per cent, which is considered a relatively tight yield for a B-grade building in a market with increased leasing risk amid the coronavirus pandemic.

 

The buyers plan to pursue a 12-month refurbishment programme for the tower, which was built in the 1980s, AFR added.

 

Situated in Melbourne' s central business district, the building houses offices, retail offerings, and community amenities. It has a freehold tenure with a total site area of 1,787 square metres (sq m) and a net lettable area of 21,914 sq m.

 

The proposed property acquisition will be financed by internal funds and bank financing taken out by the trusts, Roxy-Pacific said.

 

The company added that its investment into TE-Roxy, the joint venture and the proposed acquisition are all in its ordinary course of business.

 

The potential deal was announced before Australia' s Victoria state is set to start a six-week lockdown. On Tuesday afternoon, Premier Daniel Andrews said the state will reimpose stay-at-home restrictions in metropolitan Melbourne and one regional area of the state, after a record daily rise in Covid-19 infections. Starting Wednesday midnight, people must stay home except for work, essential services, medical treatment or school.