JLL relaunches iconic freehold mixed development, Roxy Square, for collective sale

SINGAPORE, January 15, 2025 – JLL (NYSE: JLL), as the sole marketing agent, is relaunching the collective sale of Roxy Square Shopping Centre / Grand Mercure Roxy Hotel (Roxy Square) by tender. 

Owners of the freehold mixed-use development, comprising 296 shops, 26 apartments, and the 576-room Grand Mercure Roxy Hotel, are now in the process of signing a supplemental agreement to the collective sale at a proposed lower price of $1.115 billion, down 10.8% from the previous $1.25 billion. This proposed reduction results in a unit land rate of $1,852 per square foot per plot ratio (psf/pr), inclusive of Land Betterment Charge (LBC) at the gross plot ratio of about 3.86.

Factoring an additional 10% bonus gross floor area for the residential component with the prevailing LBC payable, the unit land rate will be $1,804 psf/pr. Notably, over 70% of owners' signatures were obtained for the new price within just two months. The lower proposed price would require at least 80% of the owners’ support to take effect. The signing process is being overseen by the appointed lawyers, Dentons Rodyk & Davidson LLP.

"The private residential market in Katong has strong underlying support. Recent launches like Meyer Blue and Emerald of Katong have shown impressive sales, boosting developers' confidence in Roxy Square's potential. The site's location next to Marine Parade MRT Station, with direct underground connection, enhances its appeal. This reaffirms the area's enduring appeal, highlighting the strong and sustained demand for homes in this coveted East Coast location. The freehold tenure, established and well-loved heritage locale, and excellent connectivity to amenities further add to this appeal,” says Tan Hong Boon, Executive Director, Capital Markets, JLL Singapore.

Roxy Square offers a prime location with triple road frontages along East Coast Road, Marine Parade Road, and Brooke Road. Under the 2019 Master Plan and recent URA planning advice, the entire site may be rezoned as 'Commercial & Residential' with a gross plot ratio of about 3.86, allowing for a high-rise mixed development up to 75 metres Singapore Height Datum.

The site’s gross floor area (GFA) of 668,000 square feet (sq ft) present substantial development potential. A developer could potentially create 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. The development can capitalize on sea views towards the south and unobstructed vistas over the surrounding area.

The property's connectivity is a major selling point, featuring an underground pedestrian network linking to nearby amenities and a new double-bay bus stop. The URA envisions a pedestrian mall connecting Marine Parade Road and the MRT station to East Coast Road, providing seamless connectivity to all major nodes in the area. It will also provide a straight route for commuters in the area to access destinations like the Singapore Sports Hub, the Central Business District (CBD) and Orchard Road. This would extend to also include Changi Airport once the remaining stations on the Thomson-East Coast Line (TEL) are completed.

Roxy Square is situated in the culturally diverse Katong neighbourhood, known for its rich Peranakan heritage. Residents will enjoy proximity to established shopping amenities, popular eateries, and hip cafes along Joo Chiat Road, East Coast Road, and Tanjong Katong Road. Major shopping malls in the area including Parkway Parade, i12 Katong, and Katong V are all located near Roxy Square. Several prominent schools are located within a 1km radius, including Tao Nan School, CHIJ (Katong) Primary, and Haig Girls' School.

The site offers excellent accessibility to the East Coast Parkway (ECP) and Nicoll Highway, with just a 15-minute drive to both the CBD and Changi Airport. It's also part of the Round-Island Route and Park Connector Network, providing enhanced access to nature spaces across the island.

“Roxy Square presents a unique redevelopment opportunity in Singapore's East. Its freehold status, prime location next to Marine Parade MRT, and high-rise mixed-use potential offer developers a chance to create a significant project that respects Katong's heritage while meeting modern urban needs. 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,” added Tan.

The tender for Roxy Square closes on Tuesday, February 18, 2025, at 3.00 p.m