Roxy Square Collective Sale 125 Billion
Singapore’s Roxy Square, a mixed-use development consisting of Roxy Square Shopping Centre and Grand Mercure Roxy Hotel, is currently up for collective sale via tender. JLL, the sole marketing agent, has set a minimum price of $1.25 billion for the property. This reflects a land rate of $2,094 per square foot per plot ratio (ppr), inclusive of a land betterment charge (LBC) at a gross plot ratio of 3.86. After factoring in an additional 10% bonus gross floor area (GFA) for the residential component and the LBC, the land rate will be approximately $2,034 per square foot ppr, according to JLL.
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More than 80% of the freehold development owners have agreed to the collective sale at the minimum price and have appointed Dentons Rodyk & Davidson LLP to represent them, making this a highly sought-after opportunity.
Built in 1996, Roxy Square has a total GFA of around 668,000 square feet, comprising of 296 shops, 26 apartments, and the 576-key Grand Mercure Roxy Hotel. The property boasts triple road frontages along East Coast Road, Marine Parade Road, and Brooke Road, enhancing its accessibility and value.
According to Tan Hong Boon, executive director of capital markets at JLL, 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 area that fronts Marine Parade Road is zoned for hotel use.
Recent planning advice from URA suggests that the entire Roxy Square site can be rezoned for commercial and residential use, creating the opportunity for a new high-rise mixed-use development. With a potential for over 350 residential units and up to 80,000 square feet of retail and F&B space, subject to approval from URA, the remaining GFA of approximately 172,000 square feet can be utilized for office, hotel, or other compatible commercial uses. The new development can reach up to a height of 75 meters.
The site is strategically situated near the newly opened Marine Parade MRT station on the Thomson-East Coast Line, making it convenient for commuters. It is also in close proximity to popular shopping malls like Parkway Parade and Katong Shopping Centre. Families will appreciate that Roxy Square is within 500 meters of Tanjong Katong Primary School.
The tender for Roxy Square will close on September 26 at 3pm. For more information about Roxy Square and other developments, use EP Buddy.