Roxy Square, a freehold mixed-use development situated in the prestigious Katong area, is set to be relaunched for collective sale, as announced by marketing agent JLL.
The development, which comprises of 296 shops, 26 apartments, and the 576-room Grand Mercure Roxy Hotel, was previously launched for tender in July 2020 with a minimum price of $1.25 billion. However, the tender closed on September 26 without any successful buyers.
According to JLL, the 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. This proposed reduction in price will require the support of at least 80% of the owners to take effect, and currently, more than 70% of owners have shown their approval.
Under the new price, the development is expected to have a unit land rate of $1,852 psf per plot ratio (ppr), which includes a Land Betterment Charge (LBC) at the gross plot ratio of about 3.86. If the additional 10% bonus gross floor area (GFA) for the residential component and the LBC are taken into account, the land rate will be $1,804 psf ppr, according to JLL.
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Tan Hong Boon, JLL Singapore’s executive director of capital markets, stated that the private residential market in Katong has a strong underlying support. Recent successful launches in the area, such as Meyer Blue and Emerald of Katong, have boosted developers’ confidence in the potential of Roxy Square.
The location of Roxy Square, which is situated between Holiday Inn Express Singapore Katong and Katong Plaza, has been further enhanced by its close proximity to Marine Parade MRT Station (Thomson-East Coast Line) with a direct underground connection. The development also has the advantage of being a freehold property, located in a well-loved heritage locale, and easily accessible to amenities.
Built 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 faces Marine Parade Road is zoned for hotel use.
However, based on recent planning advice from URA, the entire Roxy Square site can be rezoned for commercial and residential use, and redeveloped into a high-rise mixed-use development with a maximum height of 75m.
JLL predicts that 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.
The development also offers easy accessibility to East Coast Parkway (ECP) and Nicoll Highway, and is part of the Round-Island Route and Park Connector Network.
Tan added, “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 February 18 at 3pm. Interested buyers can check out the latest listings for Roxy Square properties and compare price trends for new sale condos, resale condos, and EC new sales. They can also find information on the most profitable and unprofitable landed transactions in the past year, and the condo projects with the most expensive average PSF.