Portfolio of strata retail units at Royal Square for sale at $28 mil
Created by a shared project involving Hoi Hup Real Estate along with Sunway Developments, Royal Square was finished in 2020. It features a mix of 171 medical suites, a 250-room hotel room and a two-storey store podium with 25 strata-titled outlet units. Royal Square has a remarkable building front around the junction of Irrawaddy Roadway and Thomson Route, as well as a quick walk to Novena MRT stop. The retail store units are tenanted to various services, including restaurants, education centres and salon.
The most up to date purchase of a retail unit at Royal Square at Novena was for an 807 sq ft unit on the second level that modified hands for $3.6 million ($4,459 psf) in October 2022, according to a caveat dwelled with URA Realis. Before that, an additional 237 sq ft unit on the second level changed possessions for $1.17 million ($4,941 psf) a year beforehand in October 2021.
The sale of the 12 retail units will be performed with an expression of interest (EOI) exercise, which closes on Friday, 24 March 2023, at 3pm.
A portfolio of 12 retail units at the mixed-use property development Royal Square in Novena is on the market for sale. The units have sizes varying from 226 sq ft to 2,217 sq ft and also extend the retail podium’s very first including 2nd degrees, with a complete strata location of 5,221 sq ft. The rates go from $1.2 million ($5,310 psf) for the smallest unit to $28 million ($5,363 psf) for the overall profile.
“The profile of store units at Royal Square offers instant rental income to financiers, with the versatility for end-users to inhabit the room in the midterm,” states Yap Hui Yee, managing director, assets sales and resources industry at Savills Singapore. “Prospective customers might likewise take into consideration checking out different uses, such as clinical suites and also health and health services, based on appropriate authorities’ approval.” A change of use to clinical lodgings has already been acquired for six of the 12 units, adds in Yap.
Royal Square is positioned near the Health City Novena, Singapore’s biggest healthcare facility, which is targeted to be finished by 2030. The 17-hectare integrated development will incorporate 10 Properties, featuring Tan Tock Seng Medical center as well as five new health care spaces attached by means of a network of MRT, pedestrian walkways, and also shuttle bus assistances. According to Savills, Health CIty Novena will extend outside healthcare centers to include education and learning, commercial, and recreation spaces.