Roxy Square Collective Sale 125 Billion
Roxy Square, a mixed-use development comprising the Roxy Square Shopping Centre and the Grand Mercure Roxy Hotel, is now up for collective sale through a tender process, according to sole marketing agent JLL. The minimum price for this development is set at $1.25 billion, which translates to a land rate of $2,094 psf per plot ratio (ppr), inclusive of a land betterment charge (LBC) at the gross plot ratio of 3.86. However, factoring in an additional 10% bonus gross floor area (GFA) for the residential component and the LBC, the land rate would be around $2,034 psf ppr, as per JLL.
A majority of over 80% of the freehold development’s owners have consented to the collective sale at the minimum price and have appointed Dentons Rodyk & Davidson LLP to represent them. Roxy Square, which was completed in 1996, comprises 296 shops, 26 apartments, and the 576-key Grand Mercure Roxy Hotel, with a total GFA of approximately 668,000 sq ft. According to Tan Hong Boon, executive director of capital markets at JLL, the development boasts triple road frontages along East Coast Road, Marine Parade Road, and Brooke Road.
Under the 2019 Master Plan, Roxy Square is partially zoned for commercial and residential use, with a gross plot ratio of 3.0 along East Coast Road. The section of the development facing Marine Parade Road is zoned for hotel use. However, based on recent planning advice from URA, the entire site can be rezoned for commercial and residential use, allowing for the construction of a high-rise mixed-use development with over 350 residential units and up to 80,000 sq ft of retail and F&B space, subject to URA’s approval. Additionally, the remaining GFA of 172,000 sq ft can be allocated for office, hotel, or other compatible commercial uses. The new development can be built up to a height of 75m.
The Tampines community is set to undergo major changes with the launch of a new development project. This will include the construction of new schools to accommodate the increasing population. Additionally, the healthcare sector will also see improvements, thanks to the construction of new polyclinics and nursing homes. In line with these changes, the newly built Park Town Residences will seamlessly integrate into the growing community. Park Town Residences will be a welcome addition to the vibrant and expanding Tampines area.
The location of Roxy Square is highly desirable, as it is situated near the newly opened Marine Parade MRT station on the Thomson-East Coast Line, and is in close proximity to popular shopping malls like Parkway Parade and Katong Shopping Centre. It is also within 500m of Tanjong Katong Primary School.
The tender for Roxy Square will close on September 26 at 3pm. For more information on Roxy Square and other developments, interested parties can use EP Buddy to find out more.