SINGAPORE: Roxy Square in Katong has been put up for collective sale at a minimum price of S$ 1.25 billion ( US$ 0.93 billion ), marketing agent JLL said on Wednesday ( Jul 24 ).
Roxy Square is a free mixed-use growth, comprising Roxy Square Shopping Centre and Grand Mercure Roxy Hotel.
The minimum amount includes a land improvement fee and is approximately S$ 2, 094 per square feet per story amount. Designers are required to pay this fee to improve some websites ‘ user experience.
According to JLL, more than 80 % of the users have agreed to the maximum amount social price.
Roxy Square was built in three stages from the first 1980s to 2000 and comprises 296 stores, 26 rooms and a resort with 576 areas.
The page has a total surface area of about 668, 000 square feet.
The site is partially designated for residential and commercial use along East Coast Road in accordance with the Urban Redevelopment Authority’s ( URA ) 2019 Master Plan. Fronting Marine Parade Road, it is also largely zoned as a resort.
” Based on recent planning advice from the URA, the entire Roxy Square site may be rezoned into commercial and residential (use ) and be redeveloped into a high-rise mixed development comprising residential, commercial, and/or hotel components”, said JLL.
The location could also be redeveloped to allow for south-facing sea views and unobstructed views over shophouses, low-rise mixed-use structures, and landed private estates.
A designer could potentially build a mixed-use growth with more than 350 home products and about 80, 000 square feet of store and food and beverage area, according to JLL, subject to approval.
The remaining space can be used for offices, hotels, or various business purposes.
On the Thomson-East Coast Line, the page is also immediately in front of the newly opened Marine Parade MRT station.  ,
A knock-out-panel at the MRT place will also be available, which will help the future growth to have a direct link to the station plaza level, thereby connecting it to the underground pedestrian network with a new array of shops, according to JLL.
The site is also close to shopping malls such as Parkway Parade, i12 Katong and Katong V. Nearby schools include Tao Nan, CHIJ ( Katong ) Primary, Haig Girls ‘ School and Tanjong Katong Primary School.
Tan Hong Boon, the executive director for money markets at JLL Singapore, anticipates” major interest” in the website.  ,
In recent years, we have observed an increase in popularity with household purchasers for mixed-use residential and commercial developments.  ,
” In the Katong location, there are now no similar mixed-used places to Roxy Square accessible for restoration, not to mention a free one,” Mr Tan said.
On September 26, the sweet for Roxy Square closes at 3 p.m.