Roxy Square Relaunched Collective Sale Owners Eyeing 1115 Bil Price Tag
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Roxy Square, a freehold mixed-use development situated in the prime location of Katong, will be re-offered for a collective sale, as stated in a press release by JLL, the marketing agent handling the sale.The development houses a total of 296 retail shops, 26 apartments, and the Grand Mercure Roxy Hotel with 576 rooms. It was initially launched for tender in July last year with a minimum price of $1.25 billion. However, the tender closed on Sept 26 without any takers.JLL announced that the owners of Roxy Square are currently in the process of signing a supplemental agreement to reduce the collective sale price by 10.8% to $1.115 billion. The proposed lower price will require at least 80% support from the owners to take effect, and over 70% of the owners have already shown their support.Read also: JLL, CapitaLand Investment and ULI announce leadership appointmentsAdvertisementAccording to JLL, the 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 approximately 3.86. If an additional 10% bonus gross floor area (GFA) for the residential component and the LBC are taken into account, the land rate will be $1,804 psf ppr, as per JLL.Tan Hong Boon, JLL Singapore’s executive director of capital markets, states that the private residential market in Katong has a strong underlying support and that recent launches such as Meyer Blue and Emerald of Katong have garnered impressive sales, boosting developers’ confidence in the potential of Roxy Square. He adds that the development’s appeal is further enhanced by its location next to Marine Parade MRT Station on the Thomson-East Coast Line, with a direct underground connection.“The freehold tenure, established and well-loved heritage locale, and excellent connectivity to amenities further add to this appeal,” Tan says.Roxy Square, which was completed in 1996, has a gross floor area of 668,000 square feet. Under the 2019 Master Plan, the development has been partially zoned for residential and commercial use, with a gross plot ratio of 3.0 on East Coast Road. The section of the development that faces Marine Parade Road is zoned for hotel use
Based on recent advice from URA, the entire site of Roxy Square can be rezoned for residential and commercial use, and can be potentially redeveloped into a high-rise mixed-use development with a maximum height of 75 metres, as per JLL.The redevelopment of the site has the potential to yield more than 350 residential units, approximately 80,000 square feet of retail and food & beverage (F&B) space, and an additional 172,000 square feet for office, hotel or other commercial uses, according to JLL. It is also accessible via the East Coast Parkway (ECP) and Nicoll Highway and forms part of the Round-Island Route and Park Connector Network.Tan remarks that the proposed reduction in reserve price, if supported by the majority owners, enhances the site’s appeal, especially considering the area’s consistent demand for quality residences. He believes that the sale of Roxy Square has the potential to shape a key part of Singapore’s East Coast for the future.The tender for Roxy Square is set to close on Feb 18 at 3pm.