The freehold mixed-use development, Roxy Square, located in Katong, will undergo a collective sale as announced by marketing agent JLL. The development, which includes 296 shops, 26 apartments, and a 576-room Grand Mercure Roxy Hotel, was previously launched for tender in July 2019 at a minimum price of $1.25 billion. Although the tender closed on Sept 26, JLL states that owners are now in the process of signing a supplemental agreement to lower the collective sale price by 10.8% to $1.115 billion. This new price will require at least 80% of owners’ support to take effect, with over 70% of owners already in favour.Under the proposed lower price, the development is expected to have a unit land rate of $1,852 per square foot per plot ratio (psf ppr). This includes a Land Betterment Charge (LBC) at the gross plot ratio of about 3.86. With the inclusion of an additional 10% bonus gross floor area (GFA) for the residential component and the LBC, the land rate will be $1,804 psf ppr, according to JLL.Tan Hong Boon, JLL Singapore’s executive director of capital markets, believes that Roxy Square’s location in the popular Katong area, combined with its freehold tenure and excellent connectivity to amenities, make it a desirable investment opportunity. He also cites recent successful launches in the area, such as Meyer Blue and Emerald of Katong, as examples of the strong demand for private residential properties in the area. Additionally, the development’s proximity to Marine Parade MRT Station (Thomson-East Coast Line) and direct underground connection further enhances its appeal. Completed in 1996, Roxy Square has a gross floor area (GFA) of 668,000 sq ft.Currently, the development is partially zoned for commercial and residential use, with a gross plot ratio of 3.0, along East Coast Road under the 2019 Master Plan. The part of the development that faces Marine Parade Road is zoned for hotel use. However, based on recent planning advice from URA, the entire site can be rezoned for commercial and residential use, and be redeveloped into a high-rise mixed-use development with a height of up to 75m, potentially yielding over 350 residential units, approximately 80,000 sq ft of retail and F&B space, and an additional 172,000 sq ft for office, hotel, or other commercial uses, says JLL.Furthermore, Roxy Square also offers accessibility to major expressways such as East Coast Parkway (ECP) and Nicoll Highway, and is an important part of the Round-Island Route and Park Connector Network.Tan adds that the proposed reduction in reserve price, if supported by the majority owners, will make the site even more appealing to potential buyers, considering the consistent demand for quality residences in the area. He believes that this sale will help shape a key part of Singapore’s East Coast for future development.The tender for Roxy Square will close on Feb 18 at 3pm, and interested buyers can check out the latest listings for Roxy Square properties on online platforms such as Ask Buddy. These platforms also offer useful comparison tools, such as price trend comparison of new sale condo and resale condo, or that of condo new sale and executive condo new sale. They also provide information on the most profitable and most unprofitable landed transactions in the past year, as well as the condo projects with the most expensive average PSF.