Portfolio of strata retail units at Royal Square for sale at $28 mil
Created by a shared investing between Hoi Hup Realty and Sunway Developments, Royal Square was completed in 2020. It has a mix of 171 medical apartments, a 250-room accommodation and a two-storey retail podium along with 25 strata-titled shop units. Royal Square has a remarkable front view around the junction of Irrawaddy Road and Thomson Road, and also a short walk to Novena MRT stop. The retail store units are occupier to various companies, featuring dining establishments, learning centres together with 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 shifted hands for $3.6 million ($4,459 psf) in October 2022, according to a caution housed with URA Realis. Prior to that, one more 237 sq ft unit on the 2nd level transformed hands for $1.17 million ($4,941 psf) a year previously in October 2021.
Royal Square is positioned around the Health City Novena, Singapore’s largest health care complex, which is targeted to be completed by 2030. The 17-hectare incorporated development will integrate 10 Buildings, including Tan Tock Seng Medical center and five new medical care facilities linked using a network of MRT, pedestrian pathways, and also shuttle services. According to Savills, Health CIty Novena will most likely extend outside medical care facilities to encompass education and learning, business, also recreation areas.
“The portfolio of retail units at Royal Square uses instant leasing revenue to financiers, with the flexibility for end-users to inhabit the area in the midterm,” says Yap Hui Yee, corporate director, investment sales and resources markets at Savills Singapore. “Prospective purchasers may likewise consider checking out alternative utilizations, such as clinical flats and health including wellness services, subject to relevant jurisdictions’ approval.” A change of utilization to clinical suites has currently been obtained for 6 of the 12 units, adds in Yap.
The sale of the 12 retail units will certainly be performed via an expression of interest (EOI) exercise, which closes on Friday, 24 March 2023, at 3pm.
A profile of 12 retail units at the mixed-use property development Royal Square in Novena is on the market for sale. The units have sizes stretching from 226 sq ft to 2,217 sq ft and also cover the store platform’s initial and 2nd degrees, with a total strata area of 5,221 sq ft. The prices go from $1.2 million ($5,310 psf) for the tiniest unit to $28 million ($5,363 psf) for the overall portfolio.