Portfolio of strata retail units at Royal Square for sale at $28 mil
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 dimensions varying from 226 sq ft to 2,217 sq ft as well as extend the retail platform’s very first and second levels, with a complete strata location of 5,221 sq ft. The costs vary from $1.2 million ($5,310 psf) for the littlest unit to $28 million ($5,363 psf) for the whole portfolio.
Developed by a mutual project between Hoi Hup Realty together with Sunway Developments, Royal Square was completed in 2020. It features a blend of 171 medical suites, a 250-room accommodation and even a two-storey store podium by having 25 strata-titled shop units. Royal Square has a remarkable frontage around the joint of Irrawaddy Roadway and also Thomson Route, as well as a short stroll to Novena MRT stop. The store units are occupier to a variety of services, featuring bistros, learning centres including salon.
The sale of the 12 retail units will be performed via an expression of interest (EOI) exercise, which finalizes on Friday, 24 March 2023, at 3pm.
“The portfolio of store units at Royal Square uses prompt rental revenue to clients, with the freedom for end-users to take up the room in the midterm,” says Yap Hui Yee, corporate supervisor, assets sales and funding industry at Savills Singapore. “Potential customers might just additionally consider discovering different usages, such as clinical suites also health and health companies, subject to relevant authorities’ approval.” An adjustment of use to medical suites has actually currently been acquired for 6 of the 12 units, adds in Yap.
Royal Square is positioned around the Health City Novena, Singapore’s largest health care facility, which is targeted to be finished by 2030. The 17-hectare integrated property will include 10 Establishments, consisting of Tan Tock Seng Medical facility and five brand-new healthcare spaces attached by means of a network of MRT, pedestrian pathways, as well as shuttle bus assistances. According to Savills, Health CIty Novena will most likely prolong past health care centers to include education and learning, commercial, and even leisure rooms.
The latest purchase of a retail unit at Royal Square at Novena was for an 807 sq ft unit on the 2nd level that modified hands for $3.6 million ($4,459 psf) in October 2022, according to a caveat lodged with URA Realis. Before that, another 237 sq ft unit on the 2nd level transformed hands for $1.17 million ($4,941 psf) a year previously in October 2021.