SINGAPORE:Â The Roxy Square Shopping Centre and Grand Mercure Roxy Hotel have been put on the market with a minimum asking price of $1.25 billion, according to a recent announcement by JLL, the sole marketing agent for the property.
This prime freehold mixed-use development boasts a comprehensive suite of facilities, including 296 retail shops, 26 residential apartments, and a hotel with 576 rooms. The expansive site enjoys prominent triple road frontages along East Coast Road, Marine Parade Road, and Brooke Road, making it a highly visible and accessible property.
The total gross floor area (GFA) of the development is approximately 668,000 square feet. Potential buyers will have the opportunity to reconfigure the space, which includes up to 80,000 square feet designated for retail and food and beverage (F&B) outlets.
Additionally, the site permits the development of around 350 residential units, with the remaining 172,000 square feet allocated for office, hotel, and other commercial uses.
The minimum price of $1.25 billion equates to a unit land rate of roughly $2,094 per square foot per plot ratio (psf/pr). This figure includes a land betterment charge (LBC) based on a base gross plot ratio (GPR) of 3.86. However, factoring in a 10% bonus GFA for the residential component and the LBC payable, the adjusted unit land rate is approximately $2,034 psf/pr.
The property is partially zoned for residential use and partially for hotel use, in accordance with the 2019 Master Plan by the Urban Redevelopment Authority. JLL has reported that over 80% of the property owners have consented to the sale at the stated minimum price.
Dentons Rodyk & Davidson LLP are representing the consenting owners in the transaction. The tender for Roxy Square is set to close on Thursday, September 26, at 3pm.
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