The Freehold mixed-use development, Roxy Square, located in Katong, will be relaunched for collective sale, as announced by the marketing agent JLL.According to the press release, the development comprises of 296 shops, 26 apartments and a 576-room Grand Mercure Roxy Hotel. It was previously launched for tender in July last year at a minimum price of $1.25 billion and the tender closed on Sept 26.In the latest development, JLL announced that the owners of the development are currently in the process of signing a supplemental agreement to lower the collective sale price by 10.8% to $1.115 billion. For the new price to be effective, it would require at least 80% of the owners’ support. Currently, over 70% of the owners are in favour of the proposed lower price, according to JLL. The new price translates to a unit land rate of $1,852 per square foot per plot ratio (psf ppr), which includes a Land Betterment Charge (LBC) at the gross plot ratio of about 3.86. Factoring in an additional 10% bonus gross floor area (GFA) for the residential component and the LBC, the land rate comes up to $1,804 psf ppr, according to JLL.Executive director of capital markets, Tan Hong Boon, from JLL Singapore, says that the private residential market in Katong has strong underlying support, with recent launches such as Meyer Blue and Emerald of Katong showing impressive sales, thus boosting developers’ confidence in Roxy Square’s potential. He adds that the development’s appeal is further enhanced by its strategic location next to Marine Parade MRT Station (Thomson-East Coast Line), with a direct underground connection. The freehold tenure, established and well-loved heritage locale, and excellent connectivity to amenities add to its appeal, Tan further added.Completed in 1996, Roxy Square has a gross floor area (GFA) of 668,000 sq ft. 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. However, the portion of the development that fronts Marine Parade Road is zoned for hotel use, according to the marketing agent.Based on the latest planning advice from URA, the entire Roxy Square site may potentially be rezoned for commercial and residential use, and be transformed into a high-rise mixed-use development with a height of up to 75m, adds JLL. The redevelopment of the site could potentially yield over 350 residential units, approximately 80,000 sq ft of retail and F&B space, and an additional 172,000 sq ft for office, hotel, or other commercial uses. Moreover, the development also offers easy accessibility to East Coast Parkway (ECP) and Nicoll Highway and forms part of the Round-Island Route and Park Connector Network.Commenting on the matter, Tan from JLL further says, “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. This sale will aim to thoughtfully shape a key part of Singapore’s East Coast for the future.”The tender for Roxy Square, situated between Holiday Inn Express Singapore Katong and Katong Plaza, is set to close on Feb 18 at 3pm.
When investing in Singapore, it is crucial for foreign investors to be well-informed of the regulations and limitations regarding property ownership. While condo purchases are generally more accessible for foreigners compared to landed properties, the latter has stricter ownership guidelines. Additionally, foreign buyers are required to pay the ABSD of 20% for their first property purchase. Nevertheless, the stable and promising growth of the Singapore real estate sector remains a magnet for foreign investment. Consider exploring Singapore Projects for potential investment opportunities.