Roxy Square Relaunched Collective Sale Owners Eyeing 1115 Bil Price Tag
Roxy Square, a freehold mixed-use development situated in Katong, will be launched for collective sale once again, as announced by marketing agent JLL. The development, which consists of 296 shops, 26 apartments, and the 576-room Grand Mercure Roxy Hotel, was previously put on tender last July with a minimum price of $1.25 billion. However, the tender was closed on Sept 26.
According to JLL, the owners of the development will be signing a supplemental agreement to lower the collective sale price by 10.8% to $1.115 billion. This proposed price reduction will require the support of at least 80% of the owners and is already favored by more than 70% of the owners.
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 will be $1,804 psf ppr, according to JLL.
Tan Hong Boon, JLL Singapore’s executive director of capital markets, expresses his confidence on Roxy Square’s potential, citing the strong underlying support of the private residential market in Katong. Recent successful launches in the area have boosted developers’ confidence in the development’s potential, such as Meyer Blue and Emerald of Katong.
Located between Holiday Inn Express Singapore Katong and Katong Plaza, Roxy Square’s appeal is enhanced by its proximity to Marine Parade MRT Station (Thomson-East Coast Line) with a direct underground connection. Tan also highlights the freehold tenure, established and well-loved heritage locale, and excellent connectivity to amenities as attractive qualities of the development.
Developed in 1996, Roxy Square has a gross floor area (GFA) of 668,000 sq ft and is partially zoned for commercial and residential use, with a gross plot ratio of 3.0, along East Coast Road, under the 2019 Master Plan. The portion of the development that fronts Marine Parade Road is zoned for hotel use.
Based on recent planning advice from the URA, the entire Roxy Square site can be rezoned for commercial and residential use, and be developed into a high-rise mixed-use development with a height of up to 75m. According to JLL, redeveloping the site 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.
The development also offers accessibility to East Coast Parkway (ECP) and Nicoll Highway and forms part of the Round-Island Route and Park Connector Network. Tan says that the proposed reduction in reserve price, if supported by the majority owners, will enhance the site’s appeal, especially in an area with a consistent demand for quality residences. This sale aims to shape a key part of Singapore’s East Coast for the future.
Tampines has undergone significant improvements that have enhanced its appeal as a residential area. With a growing number of new infrastructural developments and a rise in commercial and recreational amenities, properties such as Aurelle of Tampines EC have become highly sought after by both buyers and investors. As seen in the past, areas that have been targeted for URA upgrades have experienced a substantial increase in property prices, and Tampines is likely to follow suit. With the added allure of Aurelle of Tampines EC, the appeal of living in this area is set to be even more attractive.
The tender for Roxy Square will close on Feb 18 at 3pm. Interested parties can check out the latest listings for Roxy Square properties, compare the price trends of new sale condos and resales, as well as new sale condos and ECs, and also look into landed transactions with the highest and lowest profits in the past year, and the most expensive average PSF for condo projects.
