Roxy Square Collective Sale 125 Billion
The Roxy Square Shopping Centre and Grand Mercure Roxy Hotel, a mixed-use development, have been listed for collective sale through a tender process, revealed the sole marketing agent JLL. The minimum price set for the development is $1.25 billion.
The minimum price reflects a land rate of $2,094 per square foot per plot ratio (ppr), including a land betterment charge (LBC) at the gross plot ratio of 3.86. If the additional 10% bonus gross floor area (GFA) for the residential component and the LBC are taken into consideration, the land rate would be approximately $2,034 per square foot per plot ratio, according to JLL.
More than 80% of the freehold development owners have consented to the collective sale at the minimum price and have appointed Dentons Rodyk & Davidson LLP to represent them.
Roxy Square, completed in 1996, has a total floor area of approximately 668,000 square feet. It consists of 296 shops, 26 apartments, and the 576-key Grand Mercure Roxy Hotel. Tan Hong Boon, executive director of capital markets at JLL, noted that the development has three road frontages along East Coast Road, Marine Parade Road, and Brooke Road.
Under the 2019 Master Plan, the site is partially zoned for both 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 the Urban Redevelopment Authority (URA), the entire Roxy Square site can be rezoned for commercial and residential use, allowing for the development of a high-rise mixed-use project with over 350 residential units and up to 80,000 square feet of retail and food and beverage spaces, subject to approval from URA. The remaining GFA of approximately 172,000 square feet can be used for office, hotel, or other compatible commercial purposes. The new development can reach a maximum height of 75 meters.
The site is situated near the newly opened Marine Parade MRT station on the Thomson-East Coast Line and is in proximity to shopping centers such as Parkway Parade and Katong Shopping Centre. It is also within 500 meters from Tanjong Katong Primary School.
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The tender for Roxy Square will close on September 26, 3pm. To find out more about Roxy Square and other developments, use EP Buddy.
