Roxy Square mall and hotel for sale at $1.25b

The site has 296 shops, 26 apartments and 576 hotel rooms.

Roxy Square Shopping Centre, including the Grand Mercure Roxy Hotel, is up for sale at a minimum price of $1.25b, its sole marketing agent JLL announced.

The freehold mixed-use development features 296 shops, 26 apartments, and the Grade Mercure Roxy Hotel with 576 rooms. Over 80% of the owners have consented to the sale at the minimum price, JLL said.

The site has triple road frontages along East Coast Road, Marine Parade Road, and Brooke Road.

Roxy Square has a gross floor area (GFA) of 668,000 square feet (sqft). The buyer could potentially configure the allowable GFA wit hover 350 residential units to approximately 80,000 sqft of retail and F&B space, whilst the remaining 172,000 sqft can be set aside for office, hotel, and other commercial uses, according to JLL.

The minimum price of $1.25b reflects a unit land rate of approximately $2,094 psf per plot ratio (psf/pr), and is inclusive of a land betterment charge (LBC) at the base GPR of about 3.86.

Factoring an additional 10% bonus GFA for the residential component with the LBC payable, the unit land rate will be around $2,034 psf/pr.

The site is partially zoned residential and partially zoned hotel under the 2019 Master Plan by the Urban Redevelopment Authority.

Dentons Rodyk & Davidson LLP are the appointed lawyers acting for consenting owners of the development.

The tender for Roxy Square closes on Thursday, 26 September at 3PM.

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