Roxy Square up for collective sale at $1.25 billion
By Nur Hikmah Md Ali
/ EdgeProp Singapore |
Roxy Square comprises 296 shops, 26 apartments, and the 576-key Grand Mercure Roxy Hotel (Photo: JLL)
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SINGAPORE (EDGEPROP) - Roxy Square, a mixed-use development comprising the Roxy Square Shopping Centre and the Grand Mercure Roxy Hotel, has been put up for collective sale by tender. According to sole marketing agent JLL, the minimum price is $1.25 billion.
The minimum price of $1.25 billion reflects a land rate of $2,094 psf per plot ratio (ppr), inclusive of a land betterment charge (LBC) at the gross plot ratio of 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 about $2,034 psf ppr, says JLL.
More than 80% of the freehold development owners have consented to the collective sale at the minimum price, and they have appointed Dentons Rodyk & Davidson LLP to represent them.
Completed in 1996, Roxy Square has a GFA of about 668,000 sq ft and includes 296 shops, 26 apartments, and the 576-key Grand Mercure Roxy Hotel. According to Tan Hong Boon, executive director of capital markets at JLL, it has triple road frontages along East Coast Road, Marine Parade Road, and Brooke Road.
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 part of the development that fronts Marine Parade Road is zoned for hotel use.
Based on recent planning advice from URA, the entire Roxy Square site can be rezoned for commercial and residential use, and be redeveloped into a high-rise mixed-use development.
The future developer can therefore build a new mixed-use development with over 350 residential units and up to 80,000 sq ft of retail and F&B space, subject to approval from URA. The remaining GFA of about 172,000 sq ft can be set aside for office, hotel, or other compatible commercial uses. The new redevelopment can be built up to a height of 75m.
The site fronts the newly opened Marine Parade MRT station on the Thomson-East Coast Line. It is near shopping malls such as Parkway Parade and Katong Shopping Centre. Roxy Square is also within 500m away from Tanjong Katong Primary School.
The tender for Roxy Square closes on September 26 at 3pm.
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