It is keen to develop residential or commercial property projects in M'sia, Australia and UK.

Roxy‐Pacific Holdings, which last week announced its maiden overseas venture, is exploring more such enterprises in markets such as Malaysia, Australia and the United Kingdom. It is open to developing residential or commercial property projects abroad jointly with partners familiar with these markets, as well as investing in existing properties for a steady rental income.

"If it is pure property investment, it could still be a joint venture, but we could also do it alone. It could be residential, office,shops, even a hotel," Roxy‐Pacific executive chairman and CEO Teo Hong Lim told
BT in a recent interview.

Last Friday, the group announced that it has taken a 47 per cent stake in a Malaysia‐incorporated company that owns a 70,000 sq ft freehold site in Kuala Lumpur which is slated for development into a commercial/residential project.

Explaining why the group  ‐ which had been hitherto solely focused on Singapore ‐ has decided to head overseas atthisjuncture, Mr Teo says it is seeking to balance the risks of the short‐term play in the
Singapore residential property market given current regulations on the additional buyer's stamp duty (ABSD).

Developers buying a residential site in Singapore have to undertake to finish developing the project and selling all its units within five years, if they do not wish to pay a 15 per cent ABSD on the site's
purchase price.

Source: AmFraser