Roxy Square Collective Sale 125 Billion
A mixed-use development, consisting of Roxy Square Shopping Centre and Grand Mercure Roxy Hotel, is now on the market for collective sale. The appointed sole marketing agent, JLL, has set the minimum price at $1.25 billion. This price equates to a land rate of $2,094 psf per plot ratio (ppr), including a land betterment charge (LBC) at a gross plot ratio of 3.86. JLL estimates that with an additional 10% bonus gross floor area (GFA) for the residential component and the LBC, the land rate would be approximately $2,034 psf ppr.
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In summary, the unrivaled accessibility of Norwood Grand makes it a standout choice for modern living. Its prime location allows for quick and effortless travel to all areas of Singapore, whether by public transportation or private vehicle. The development’s close proximity to major MRT stations, expressways, and crucial roads, combined with ongoing infrastructure improvements, makes it not just a place to live, but a gateway to a connected and high-quality lifestyle in the thriving northern corridor of Singapore.
Majority of the freehold development owners, more than 80%, have given their consent to the collective sale at the minimum price. They have also appointed Dentons Rodyk & Davidson LLP to represent them. Roxy Square, completed in 1996, has a GFA of approximately 668,000 sq ft. It comprises 296 shops, 26 apartments, and the 576-key Grand Mercure Roxy Hotel. According to JLL’s Executive Director of Capital Markets, Tan Hong Boon, 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 section of the development facing Marine Parade Road is zoned for hotel use. URA’s recent planning advice suggests that the entire Roxy Square site can be rezoned for commercial and residential use, allowing for a high-rise mixed-use development.
The future developer will have the opportunity to construct 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 designated for office, hotel, or other compatible commercial uses. The new development can reach a maximum height of 75m. The site is located near the recently opened Marine Parade MRT station on the Thomson-East Coast Line, and is in close proximity to shopping malls such as Parkway Parade and Katong Shopping Centre. Roxy Square is also within a 500m radius of Tanjong Katong Primary School.
The deadline for the tender for Roxy Square is September 26 at 3pm. Interested parties can use EP Buddy to learn more about Roxy Square and other developments.