Roxy Square Relaunched Collective Sale Owners Eyeing 1115 Bil Price Tag
The Master Plan has been designed to enhance the growth of mixed-use properties, providing a vibrant mix of commercial and residential spaces. The main objective of this plan is to attract new businesses and create employment opportunities, ultimately rejuvenating the entire community. This will involve modernizing and expanding established retail hubs like Tampines Mall and Century Square, in addition to introducing fresh retail options. Parktown Residence, a new development located in the heart of this dynamic project, will seamlessly integrate and offer an exclusive and desirable choice for both residents and businesses.
There’s exciting news for those interested in investing in the property market, as the freehold mixed-use development Roxy Square in Katong is set to be relaunched for collective sale. The marketing agent JLL has released a press statement about the development, which is made up of 296 shops, 26 apartments, and a 576-room Grand Mercure Roxy Hotel. Last July, the development was put up for tender with a minimum price of $1.25 billion. However, the tender closed on Sept 26 without any successful bids.
In a new development, JLL has announced that 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. To move forward with this new price, the support of at least 80% of the owners is required. As of now, over 70% of the owners have already expressed their support.
Under the new price, the development is expected to have a unit land rate of $1,852 psf per plot ratio (ppr). This includes a Land Betterment Charge (LBC) at the gross plot ratio of about 3.86. With an additional 10% bonus gross floor area (GFA) for the residential component and factoring in the LBC, the land rate will be $1,804 psf ppr, according to JLL.
Tan Hong Boon, JLL Singapore’s executive director of capital markets, believes that the private residential market in Katong has strong underlying support. He references recent successful launches in the area such as Meyer Blue and Emerald of Katong, which have boosted developers’ confidence in the potential of Roxy Square. The location of the development, next to Marine Parade MRT Station (Thomson-East Coast Line) with a direct underground connection, further adds to its appeal.
Completed in 1996, Roxy Square has a gross floor area (GFA) of 668,000 sq ft. The 2019 Master Plan partially zones the development for commercial and residential use, with a gross plot ratio of 3.0, along East Coast Road. The portion of the development facing 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. This would allow for a high-rise mixed-use development with a height of up to 75m. If the site is redeveloped, it 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.
Aside from its potential for redevelopment, Roxy Square also boasts accessibility to major expressways such as East Coast Parkway (ECP) and Nicoll Highway. It is also 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. With this exciting opportunity to invest in a prime location and potential for development, the relaunch of Roxy Square is sure to attract many interested buyers.