Roxy Square Collective Sale 125 Billion
Roxy Square, a mixed-use development consisting of the Roxy Square Shopping Centre and the Grand Mercure Roxy Hotel, is now up for collective sale through tender. According to JLL, the sole marketing agent, the minimum price for this property is set at $1.25 billion.
This translates to a land rate of $2,094 psf per plot ratio (ppr), which includes a land betterment charge (LBC) at the gross plot ratio of 3.86. If the 10% bonus gross floor area (GFA) for the residential component and the LBC are taken into account, the land rate would be approximately $2,034 psf ppr, as stated by JLL.
Over 80% of the freehold development owners have already given their consent for the collective sale at the minimum price and have appointed Dentons Rodyk & Davidson LLP to represent them, disclosed JLL.
Roxy Square, completed in 1996, occupies a total gross floor area of 668,000 sq ft and comprises of 296 shops, 26 apartments, and the 576-key Grand Mercure Roxy Hotel. According to Tan Hong Boon, JLL’s executive director of capital markets, the development boasts triple road frontages along East Coast Road, Marine Parade Road, and Brooke Road.
As per the 2019 Master Plan, the property is partially zoned for commercial and residential use, with a gross plot ratio of 3.0 along East Coast Road. The part of the development that faces Marine Parade Road is reserved for hotel use.
Based on URA’s recent planning advice, the entire Roxy Square site can be rezoned for commercial and residential use, paving the way for a high-rise mixed-use development to be built. The future developer has the opportunity to construct a new mixed-use development with over 350 residential units and up to 80,000 sq ft of retail and F&B space, subject to approval from URA. The remaining GFA of around 172,000 sq ft can be allocated for office, hotel, or other compatible commercial purposes. The new development can rise up to a height of 75m.
The strategically located mixed-use plot on Tampines Avenue 11, depicted on a map, boasts of its proximity to two executive condominium sites. One of which is the currently available Tampines Street 62 site, open for bidding, while the other is the 618-unit Tenet, launched in December. To top it off, the newly introduced Parktown Residence Tampines Avenue 11, Parktown Residence Tampines Avenue 11, adds an alluring factor to the area.
The location of the property is highly favorable, as it is situated near the newly opened Marine Parade MRT station on the Thomson-East Coast Line. It is also in close proximity to shopping malls such as Parkway Parade and Katong Shopping Centre. Furthermore, Roxy Square is within 500m from Tanjong Katong Primary School.
The tender for Roxy Square will close on September 26 at 3pm. For more information on this property and other developments, use EP Buddy.