The popular mixed-use development Roxy Square in Katong is set to be relaunched for collective sale, as announced by marketing agent JLL through a press release. It was previously launched for tender in July last year with a minimum price of $1.25 billion, but the tender closed on Sept 26 without a successful buyer.
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According to JLL, the owners of Roxy Square are currently in the process of signing a supplemental agreement to lower the collective sale price by 10.8% to $1.115 billion. This proposed lower price would require at least 80% of the owners’ support to take effect, and currently, over 70% of owners are in favour. The unit land rate under the new price is expected to be $1,852 psf per plot ratio (ppr), including a Land Betterment Charge (LBC) at the gross plot ratio of about 3.86. With an additional 10% bonus gross floor area (GFA) for the residential component and the LBC factored in, the land rate will be $1,804 psf ppr, according to JLL.
Tan Hong Boon, JLL Singapore’s executive director of capital markets, highlights the strong underlying support in the private residential market in Katong, with recent launches such as Meyer Blue and Emerald of Katong showing impressive sales. This has boosted developers’ confidence in Roxy Square’s potential. Its prime location next to Marine Parade MRT Station (Thomson-East Coast Line), with a direct underground connection, has also added to its appeal. The freehold tenure, established and well-loved heritage locale, and excellent connectivity to amenities further contribute to its attractiveness.
Completed in 1996, Roxy Square has a gross floor area (GFA) of 668,000 sq ft and is partially zoned for commercial and residential use, with a gross plot ratio of 3.0 under the 2019 Master Plan, along East Coast Road. The area that fronts Marine Parade Road is zoned for hotel use. However, 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 with a height of up to 75m, says JLL.
Redeveloping the site could potentially yield over 350 residential units, approximately 80,000 sq ft of retail and food and beverage space, and an additional 172,000 sq ft for office, hotel, or other commercial uses. The development also offers accessibility to East Coast Parkway (ECP) and Nicoll Highway and forms part of the Round-Island Route and Park Connector Network.
Tan adds that the proposed reduction in reserve price, if supported by the majority owners, will enhance the site’s appeal, especially considering the consistent demand for quality residences in the area. This sale aims to thoughtfully 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.