FREEHOLD Roxy Square will be relaunched for collective sale again, but this time plans are under way to lower the reserve price by 10.8 per cent to S$1.12 billion, sole marketing agent JLL said on Wednesday (Jan 15).
This follows the owners’ previous attempt last year, which closed with no bids in September 2024.
They are now collecting signatures to get an 80 per cent mandate to cut the reserve price from S$1.25 billion previously. Currently, more than 70 per cent of them are in favour of the change.
Based on the proposed reserve price of S$1.12 billion, the unit land rate will be reduced to S$1,852 per square foot per plot ratio (psf ppr), from S$2,094 psf ppr previously. This includes a land betterment charge at the base gross plot ratio of 3.86.
Factoring in an additional 10 per cent for the bonus gross floor area (GFA) for the residential component if the land betterment charge is paid, the land rate would be S$1,804 psf ppr, from the earlier S$2,034 psf ppr.
Built in three phases from the early 1980s to 2000, Roxy Square comprises Roxy Square Shopping Centre and the 576-room Grand Mercure Singapore Roxy hotel. According to its website, property developer Roxy-Pacific owns 56 out of 296 shops in the Katong development.
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Currently, Roxy Square has a GFA of 668,000 square feet (sq ft).
Subject to the Urban Redevelopment Authority’s approval, a developer could potentially configure the allowable GFA into a mixed-use development with more than 350 residential units, and close to 80,000 sq ft of retail and food and beverage space. The remaining GFA of about 172,000 sq ft could be used for office, hotel or other compatible commercial uses.
JLL capital markets executive director Tan Hong Boon noted “strong underlying support” for the private residential market in the Katong area. “Recent launches like Meyer Blue and Emerald of Katong have shown impressive sales, boosting developers’ confidence in Roxy Square’s potential,” he said.
The site’s accessibility, freehold tenure and development potential offer property developers a chance to “create a significant project that respects Katong’s heritage while meeting modern urban needs”, he added.
“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.”
The tender for Roxy Square will close on Feb 18 at 3 pm.
