Property developer Roxy-Pacific Holdings has agreed to acquire five adjoining two-storey shophouses on Upper Bukit Timah Road for S$17 million (US$12 million) in total.

In a Singapore exchange filing, Roxy-Pacific says the shophouses make up a freehold residential site with an estimated total land area of 10,256 sqft (952 sqm) and an existing plot ratio of 2.5 under Singapore’s 2014 land-use master plan.

The agreement to purchase was through its RH Capital unit, and the acquisition will be paid for with internal funds and bank borrowings, says the developer.