Katong's Roxy Square put up for collective sale at $1.25 billion

Freehold mixed-use site near MRT station described as unique offering in the area

- Grace Leong

Roxy Square, a freehold mixed use development in the Katong area, is being put on the market via a collective sale at a minimum asking price of $1.25 billion.

This translates to a land rate of $2,094 per sq ft per plot ratio (psf ppr) for the freehold site, including a land betterment charge (LBC), according to marketing agent JLL.

Developers pay an LBC for the right to enhance the use of some sites or to build bigger projects on them.

Built in three phases from the early 1980s to 2000, Roxy Square comprises Roxy Square Shopping Centre, which has 296 shops and 26 apartments located above the mall, and Grand Mercure Roxy hotel, which has 576 rooms.

Owners of the retail shops stand to get proceeds ranging from $579,000 to $19.9 million each, while residential owners stand to receive between $1.55 million and $2.77 million each, a JLL spokesperson told The Straits Times.

Roxy-Pacific Holdings owns 52 retail shops in Roxy Square Shopping Centre, as well as the Grand Mercure Singapore Roxy, which is self-managed under a franchise agreement with international hotel operator Accor Group, according to the property developer’s website.