SINGAPORE: Roxy Square in Katong has been put up for collective sale at a minimum price of S$1.25 billion (US$0.93 billion), marketing agent JLL said on Wednesday (Jul 24).
Roxy Square is a freehold mixed-use development, comprising Roxy Square Shopping Centre and Grand Mercure Roxy Hotel.
The minimum price translates to about S$2,094 per square foot per plot ratio and is inclusive of a land betterment charge. Developers pay this charge so they can enhance the use of some sites.
More than 80 per cent of the owners have consented to the collective sale at the minimum price, JLL said.
Roxy Square was built in three phases from the early 1980s to 2000 and comprises 296 shops, 26 apartments and a hotel with 576 rooms.
The site has a gross floor area of about 668,000 sq ft.
Under the 2019 Master Plan by the Urban Redevelopment Authority (URA), the site is partially zoned for commercial and residential use along East Coast Road. It is also partially zoned as a hotel, fronting Marine Parade Road.
“Based on recent planning advice from the URA, the entire Roxy Square site may be rezoned into commercial and residential (use) and be redeveloped into a high-rise mixed development comprising residential, commercial, and/or hotel components,” said JLL.
The site can also be redeveloped to allow for sea views towards the south and unblocked views over shophouses, low-rise mixed-use buildings and landed residential estates towards the north.
Subject to approval, JLL said a developer could potentially create a mixed-use development with more than 350 residential units and about 80,000 sq ft of retail and food and beverage space.
The remaining area can be set aside for office, hotel or other commercial uses.
The site is also directly in front of the newly opened Marine Parade MRT station on the Thomson-East Coast Line.
“There is also a provision for a knock-out-panel at the MRT station which will allow the future development to have a direct connection to the station concourse level, linking it to the underground pedestrian network with a new array of shops,” said JLL.
The site is also close to shopping malls such as Parkway Parade, i12 Katong and Katong V. Nearby schools include Tao Nan, CHIJ (Katong) Primary, Haig Girls’ School and Tanjong Katong Primary School.
Executive director for capital markets at JLL Singapore Tan Hong Boon anticipates “significant interest” in the site.
“We have observed an increasing popularity with home buyers in recent years of mixed residential and commercial developments.
“In the Katong area, there are currently no comparable mixed-used sites to Roxy Square available for redevelopment, not to mention a freehold one,” Mr Tan said.
The tender for Roxy Square closes at 3pm on Sep 26.
