Roxy Square, a mixed-use development consisting of the Roxy Square Shopping Centre and the Grand Mercure Roxy Hotel, is now available for collective sale through tender. As per JLL, the minimum price stands at $1.25 billion, as stated by the sole marketing agent.
The minimum price of $1.25 billion indicates a land rate of $2,094 per square foot per plot ratio (ppr), which includes a land betterment charge (LBC) at the gross plot ratio of 3.86. According to JLL, factoring in an additional 10% bonus gross floor area (GFA) for the residential component and the LBC, the land rate is estimated to be around $2,034 psf ppr.
Over 80% of the owners of the freehold development have given their consent to the collective sale at the minimum price. They have chosen Dentons Rodyk & Davidson LLP to represent them in this matter.
Roxy Square, completed in 1996, boasts an impressive gross floor area of approximately 668,000 square feet. This expansive space is home to a diverse range of establishments, including 296 shops, 26 apartments, and the luxurious 576-key Grand Mercure Roxy Hotel. Tan Hong Boon, the executive director of capital markets at JLL, highlights the triple road frontages along East Coast Road, Marine Parade Road, and Brooke Road.
According to the 2019 Master Plan, the development has been designated for both commercial and residential use. It is located along East Coast Road and has a gross plot ratio of 3.0. The section of the development that faces Marine Parade Road is designated for hotel use.
According to the latest planning advice from URA, there is potential for the complete rezoning of the Roxy Square site to accommodate both commercial and residential purposes. This opens up the possibility of transforming the area into a modern high-rise development with a mix of uses.
With the necessary approvals from URA, the future developer has the opportunity to create a new mixed-use development featuring over 350 residential units and up to 80,000 sq ft of retail and F&B space. There is still approximately 172,000 sq ft of GFA available for office, hotel, or other compatible commercial uses. The new redevelopment has the potential to reach a height of 75m.
The location is right next to the recently launched Marine Parade MRT station on the Thomson-East Coast Line. It is conveniently located near popular shopping destinations like Parkway Parade and Katong Shopping Centre. Roxy Square is conveniently located just 500m from Tanjong Katong Primary School.
The tender for Roxy Square will close on September 26th at 3pm.
