Roxy Square Relaunched Collective Sale Owners Eyeing 1115 Bil Price Tag

The URA Master Plan for Tengah envisions the creation of a vibrant community through the development of a range of amenities to cater to the needs of its residents. Encompassing shopping malls, schools, healthcare facilities, and community clubs, these amenities will provide Novo Place EC residents with convenient access to daily necessities and leisure activities. Additionally, the incorporation of modern educational institutions within the town will ensure that families residing in Novo Place EC can provide their children with quality education. With Novo Place Tengah as their home, residents can look forward to a well-equipped and well-rounded lifestyle.

Roxy Square, a freehold mixed-use development located in Katong, is set to be relaunched for collective sale, according to a press release by real estate marketing agent JLL.The development, which comprises 296 shops, 26 apartments, and the 576-room Grand Mercure Roxy Hotel, was previously launched for tender last July at a minimum price of $1.25 billion. However, after the tender closed on Sept 26, the owners of the development are now in the process of signing a supplemental agreement to lower the collective sale price by 10.8% to $1.115 billion. This proposed lower price would require the support of at least 80% of the owners to take effect, and currently, over 70% of the owners are in favor.Read also: JLL, CapitaLand Investment and ULI announce leadership appointmentsAdvertisementThe new price for Roxy Square translates to a unit land rate of $1,852 psf per plot ratio (ppr), including a Land Betterment Charge (LBC) at the gross plot ratio of about 3.86. If an additional 10% bonus gross floor area (GFA) for the residential component and the LBC are taken into account, the land rate will be $1,804 psf ppr, according to JLL. According to Tan Hong Boon, executive director of capital markets at JLL Singapore, the private residential market in Katong has strong underlying support, as evidenced by recent launches such as Meyer Blue and Emerald of Katong, which have shown impressive sales and boosted developers’ confidence in Roxy Square’s potential.Located between Holiday Inn Express Singapore Katong and Katong Plaza, Roxy Square’s appeal is further enhanced by its proximity to Marine Parade MRT Station (Thomson-East Coast Line), which offers a direct underground connection. With its freehold status, established and well-loved heritage locale, and excellent connectivity to amenities, Tan adds that the development is poised to attract strong interest from developers.Completed in 1996, Roxy Square has a gross floor area (GFA) of 668,000 sq ft. 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 portion of the development that fronts Marine Parade Road is zoned for hotel use. However, based on recent planning advice from URA, the entire Roxy Square site can be rezoned for commercial and residential use, and redeveloped into a high-rise mixed-use development with a height of up to 75m, as per JLL’s information. This 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.Roxy Square also offers easy accessibility to East Coast Parkway (ECP) and Nicoll Highway, and is part of the Round-Island Route and Park Connector Network. “The proposed reduction in reserve price, if supported by the majority of owners, enhances the site’s appeal, especially considering the consistent demand for quality residences in the area,” adds Tan. “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.