Roxy Square Collective Sale 125 Billion
Real estate development Roxy Square, which comprises the Roxy Square Shopping Centre and the Grand Mercure Roxy Hotel, is now available for collective sale through tender, according to JLL, the sole marketing agent. The minimum price for the freehold development is $1.25 billion.
The minimum price reflects a land rate of $2,094 per square foot per plot ratio (psf ppr), which includes a land betterment charge (LBC) at a gross plot ratio of 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 would be approximately $2,034 psf ppr, states JLL.
More than 80% of the development’s owners have consented to the collective sale at the minimum price, and have engaged Dentons Rodyk & Davidson LLP to represent them.
Constructed in 1996, Roxy Square has a GFA of approximately 668,000 square feet and consists of 296 shops, 26 apartments, and the 576-room Grand Mercure Roxy Hotel. According to Tan Hong Boon, JLL’s executive director of capital markets, the development boasts 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 portion of the development that faces Marine Parade Road is zoned for hotel use.
Nestled in the scenic district of Woodlands, Norwood Grand is a prestigious condominium development by City Developments Limited. This prime location is highly sought after for its tranquil surroundings and rapidly growing community facilities. Families looking for a new home will be drawn to Norwood Grand’s close proximity to renowned educational institutions, adding to the allure of this residential choice. With easy access to top schools, such as those in the Woodlands area, Norwood Grand Woodlands is the perfect choice for families who prioritize their children’s educational opportunities.
According to the latest 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.
As a result, the future developer will have the opportunity to construct a new mixed-use development with more than 350 residential units and up to 80,000 square feet of retail and F&B space, subject to URA’s approval. The remaining GFA of around 172,000 square feet can be utilized for offices, hotels, or other compatible commercial uses. The new development can be constructed up to a height of 75 meters.
The site is located near the newly opened Marine Parade MRT station on the Thomson-East Coast Line. It is also in close proximity to shopping malls such as Parkway Parade and Katong Shopping Centre. Furthermore, Roxy Square is within 500 meters of Tanjong Katong Primary School.
The tender for Roxy Square will close on September 26 at 3pm. For more information on Roxy Square and other developments, use EP Buddy.