Roxy Square Collective Sale 125 Billion
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Singapore’s Roxy Square, comprising a shopping centre and a hotel, has been put up for collective sale via tender, with a minimum price of $1.25 billion. The marketing agent, JLL, has stated that this price reflects a land rate of $2,094 psf per plot ratio (ppr), which includes a land betterment charge (LBC) at a gross plot ratio of 3.86. Factoring in an additional 10% bonus gross floor area (GFA) for the residential component and the LBC, the land rate would be approximately $2,034 psf ppr.
JLL reports that over 80% of the freehold development owners have given their consent for the collective sale at the minimum price, and have appointed Dentons Rodyk & Davidson LLP to represent them. Completed in 1996, Roxy Square has a GFA of approximately 668,000 sq ft, and consists of 296 shops, 26 apartments, and the 576-key Grand Mercure Roxy Hotel. With triple road frontages along East Coast Road, Marine Parade Road, and Brooke Road, the property’s executive director of capital markets, Tan Hong Boon, sees great potential for redevelopment.
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, while the part of the property facing Marine Parade Road is zoned for hotel use. However, URA’s recent planning advice states that the entire Roxy Square site can be rezoned for commercial and residential use, making way for a high-rise mixed-use development.
This means that the future developer can build a new mixed-use development with over 350 residential units and up to 80,000 sq ft of retail and F&B space, with the remaining GFA of approximately 172,000 sq ft allocated for office, hotel, or other compatible commercial uses. The new development can rise up to a height of 75m and boasts a prime location near the newly opened Marine Parade MRT station on the Thomson-East Coast Line, and popular shopping malls such as Parkway Parade and Katong Shopping Centre. It is also within 500m from Tanjong Katong Primary School.
Interested parties can submit their tenders for Roxy Square by September 26 at 3pm. For more information on this and other developments, use EP Buddy.