Roxy Square Relaunched Collective Sale Owners Eyeing 1115 Bil Price Tag

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The popular mixed-use development in Katong, Roxy Square, is set for a collective sale according to a press release from JLL, its marketing agent.The development houses a total of 296 shops, 26 apartments, and the grand 576-room Grand Mercure Roxy Hotel. It was first launched for tender in July last year with a minimum price of $1.25 billion, but the tender closed on September 26.In an effort to lower the collective sale price by 10.8%, the owners are currently in the process of signing a supplemental agreement. This would bring the price down to $1.115 billion, but it would need at least 80% of the owners’ support to take effect. As of now, over 70% of owners are in favor of the proposed lower price.Read also: JLL, CapitaLand Investment and ULI announce leadership appointmentsAdvertisementThe new price would result in a unit land rate of $1,852 per square foot per plot ratio (ppr), which includes a Land Betterment Charge (LBC) at a gross plot ratio of about 3.86. Once an additional 10% bonus gross floor area (GFA) for the residential component and the LBC are considered, the land rate will be $1,804 per square foot per plot ratio, according to JLL.Tan Hong Boon, the Executive Director of Capital Markets at JLL Singapore, states that the private residential market in Katong has a strong underlying support. Recent property launches in the area, such as Meyer Blue and Emerald of Katong, have recorded impressive sales, boosting developers’ confidence in the potential of Roxy Square’s development.Located between Holiday Inn Express Singapore Katong and Katong Plaza, Roxy Square also boasts excellent connectivity, with a direct underground connection to the Marine Parade MRT Station (Thomson-East Coast Line). Additionally, its freehold tenure, prime heritage location, and close proximity to amenities further add to its appeal.The development, completed in 1996, has a gross floor area (GFA) of 668,000 square feet. Under the 2019 Master Plan, it 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 facing Marine Parade Road is zoned for hotel use, according to EdgeProp Landlens.Based on planning advice from URA, the entire Roxy Square site can be rezoned for commercial and residential use, allowing for a high-rise mixed-use development with a maximum height of 75 meters.Read also: River Valley Apartments launched for collective sale at $56 millionAdvertisementRedeveloping the site could potentially yield over 350 residential units, approximately 80,000 square feet of retail and F&B space, and an additional 172,000 square feet for office, hotel, or other commercial uses, says JLL. The development also offers easy accessibility to East Coast Parkway (ECP) and Nicoll Highway, as well as being 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, will enhance the site’s appeal, particularly given the consistent demand for quality residences in the area. This sale aims to thoughtfully shape a key part of Singapore’s East Coast for the future.The tender for Roxy Square will close on February 18 at 3pm.