_1.jpg?omSa_j14Hqutk4r06D8d..Tp1Fa4haY_&itok=zEbGiERM "The development is expected to have a unit land rate of $1,852 psf per plot ratio (ppr) under the new price (Picture: JLL Singapore)")
Freehold mixed-use development Roxy Square, located in Katong, will be relaunched for collective sale, according to a press release by marketing agent JLL.
The development — comprising 296 shops, 26 apartments, and the 576-room Grand Mercure Roxy Hotel — was previously launched for tender last July at a minimum price of $1.25 billion. The tender closed on Sept 26.
According to JLL, owners of the development are currently in the process of signing a supplemental agreement to lower the collective sale price by 10.8% to $1.115 billion. The proposed lower price would require at least 80% of the owners’ support to take effect. Currently, over 70% of owners are already in favour.
The development is expected to have a unit land rate of $1,852 psf per plot ratio (ppr) under the new price. This includes a Land Betterment Charge (LBC) at the gross plot ratio of about 3.86. If an additional 10% bonus gross floor area (GFA) for the residential component and the LBC are factored in, the land rate will be $1,804 psf ppr, says JLL.
Tan Hong Boon, JLL Singapore’s executive director of capital markets, says: “The private residential market in Katong has strong underlying support. Recent launches like Meyer Blue and Emerald of Katong have shown impressive sales, boosting developers’ confidence in Roxy Square’s potential.”
Roxy Square is located between Holiday Inn Express Singapore Katong and Katong Plaza. (Source: EdgeProp Landlens)
He adds that the development’s appeal is enhanced by its location next to Marine Parade MRT Station (Thomson-East Coast Line), with a direct underground connection.
“The freehold tenure, established and well-loved heritage locale, and excellent connectivity to amenities further add to this appeal,” Tan adds.
Completed in 1996, Roxy Square has a gross floor area (GFA) of 668,000 sq ft. Under the 2019 Master Plan, the development is partially zoned for commercial and residential use, with a gross plot ratio of 3.0, along East Coast Road. The portion of the development that fronts Marine Parade Road is zoned for hotel use.
Based on recent planning advice from URA, the entire Roxy Square site can be rezoned for commercial and residential use, and be redeveloped into a high-rise mixed-use development with a height of up to 75m.
Redeveloping the site could potentially yield over 350 residential units, approximately 80,000 sq ft of retail and F&B space, and an additional 172,000 sq ft for office, hotel, or other commercial uses, says JLL.
The development also offers accessibility to East Coast Parkway (ECP) and Nicoll Highway and forms part of the Round-Island Route and Park Connector Network.
Tan adds: “The proposed reduction in reserve price, if supported by the majority owners, enhances the site’s appeal, especially considering the area’s consistent demand for quality residences. This sale will aim to thoughtfully shape a key part of Singapore’s East Coast for the future.”
The tender for Roxy Square is set to close on Feb 18 at 3pm.
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