Portfolio of strata retail units at Royal Square for sale at $28 mil
The most recent transaction of a retail unit at Royal Square at Novena was for an 807 sq ft unit on the 2nd level that shifted hands for $3.6 million ($4,459 psf) in October 2022, according to a caveat lodged with URA Realis. Before that, an additional 237 sq ft unit on the 2nd level transformed possessions for $1.17 million ($4,941 psf) a year beforehand in October 2021.
The sale of the 12 retail units will be conducted through an expression of interest (EOI) exercise, which closes on Friday, 24 March 2023, at 3pm.
Royal Square is situated near the Health City Novena, Singapore’s largest healthcare complex, which is aim to be finalized by 2030. The 17-hectare incorporated property will integrate 10 Properties, including Tan Tock Seng Medical center and also five new healthcare spaces attached by means of a network of MRT, pedestrian walkways, as well as shuttle bus services. According to Savills, Health CIty Novena will most likely prolong outside medical care centers to encompass education and learning, commercial, also leisure areas.
A profile of 12 store units at the mixed-use property development Royal Square in Novena is on the marketplace for sale. The units have sizes varying from 226 sq ft to 2,217 sq ft and cover the retail platform’s initial including 2nd degrees, with an overall strata location of 5,221 sq ft. The rates go from $1.2 million ($5,310 psf) for the tiniest unit to $28 million ($5,363 psf) for the whole profile.
Created by a shared venture involving Hoi Hup Realty and Sunway Developments, Royal Square was accomplished in 2020. It comes with a mix of 171 medical apartments, a 250-room hotel room and even a two-storey retail platform along with 25 strata-titled shop units. Royal Square has a remarkable building front near the junction of Irrawaddy Road and also Thomson Road, and also a short walk to Novena MRT stop. The retail units are occupier to different businesses, featuring bistros, learning centres together with beauty salons.
“The portfolio of store units at Royal Square supplies prompt rent earnings to investors, with the versatility for end-users to take up the space in the midterm,” claims Yap Hui Yee, managing director, assets deals and resources industry at Savills Singapore. “Potential purchasers may additionally think about discovering different uses, such as clinical flats and health and health companies, subject to relevant jurisdictions’ approval.” A modification of use to clinical lodgings has currently been acquired for 6 of the 12 units, includes Yap.