Roxy Square, a freehold mixed-use development located in Katong, is set to be relaunched for collective sale, according to a press release by marketing agent JLL. The development, which comprises of 296 shops, 26 apartments, and the 576-room Grand Mercure Roxy Hotel, was previously launched for tender last July with a minimum price of $1.25 billion. However, the tender closed on September 26 without any success.
In light of this, JLL has announced that the 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. This proposed lower price would require at least 80% of the owners’ support to take effect, and currently, over 70% of owners are already in favour.
Under the new price, the development is expected to have a unit land rate of $1,852 psf per plot ratio (ppr), which includes 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 factored in, the land rate would be $1,804 psf ppr.
According to Tan Hong Boon, JLL Singapore’s executive director of capital markets, the private residential market in Katong has strong underlying support, as evident by recent launches such as Meyer Blue and Emerald of Katong, which have shown impressive sales. This has boosted developers’ confidence in Roxy Square’s potential.
The appeal of the development is further enhanced by its location next to Marine Parade MRT Station (Thomson-East Coast Line), with a direct underground connection. The freehold tenure, established and well-loved heritage locale, and excellent connectivity to amenities, add to its appeal.
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.
Based on recent planning advice from URA, the entire Roxy Square site can be rezoned for commercial and residential use and be redeveloped into a high-rise mixed-use development with a height of up to 75m. 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.
Roxy Square also offers accessibility to East Coast Parkway (ECP) and Nicoll Highway and forms part of the Round-Island Route and Park Connector Network.
Tan adds that 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 aims to thoughtfully shape a key part of Singapore’s East Coast for the future.
The tender for Roxy Square is set to close on February 18 at 3pm. Interested parties can check out the latest listings for Roxy Square properties on Ask Buddy, compare the price trends of new sale condos vs resale condos or condos vs EC new sale, and view the list of most profitable and unprofitable landed transactions in the past year.