The freehold mixed-use development Roxy Square, located in Katong, will be put up for collective sale again, according to a press release by JLL, the marketing agent for the property.The development, which includes 296 shops, 26 apartments, and the 576-room Grand Mercure Roxy Hotel, was previously launched for tender in July last year with a minimum price of $1.25 billion. However, the tender closed on Sept 26 without any successful bids.JLL has now revealed that the owners of Roxy Square are in the process of signing a supplemental agreement to lower the collective sale price by 10.8% to $1.115 billion. This new price will require the support of at least 80% of the owners to take effect, and currently more than 70% of owners are in favour.According to JLL, the reduced price would result in 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 the 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.Executive director of capital markets at JLL Singapore, Tan Hong Boon, says that the private residential market in Katong has strong underlying support, and recent launches like Meyer Blue and Emerald of Katong have shown impressive sales. He adds that this has boosted developers’ confidence in the potential of Roxy Square.The development is also conveniently located next to Marine Parade MRT Station (Thomson-East Coast Line), with a direct underground connection. Additionally, its freehold tenure, heritage locale, and excellent connectivity to amenities make it even more appealing, says Tan.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, under recent planning advice from the 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 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, according to JLL.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, adding to its appeal, says Tan. He adds that with the proposed reduction in reserve price, if supported by the majority of owners, Roxy Square will be a key part of shaping Singapore’s East Coast for the future.The tender for Roxy Square is set to close on Feb 18 at 3 pm.
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