Portfolio of strata retail units at Royal Square for sale at $28 mil

A portfolio of 12 retail units at the mixed-use property development Royal Square in Novena goes on the market for sale. The units have sizes varying from 226 sq ft to 2,217 sq ft and span the retail podium’s initial and 2nd levels, with a total strata place of 5,221 sq ft. The rates vary from $1.2 million ($5,310 psf) for the littlest unit to $28 million ($5,363 psf) for the overall profile.

The sale of the 12 retail units will be conducted via an expression of interest (EOI) exercise, which closes up on Friday, 24 March 2023, at 3pm.

“The portfolio of store units at Royal Square offers immediate leasing income to financiers, with the versatility for end-users to inhabit the area in the midterm,” states Yap Hui Yee, corporate director, assets deals and resources markets at Savills Singapore. “Prospective purchasers might just also think about checking out alternate usages, such as medical flats and health and health services, based on pertinent authorities’ authorization.” An adjustment of utilization to medical suites has currently been obtained for 6 of the 12 units, includes Yap.

The latest deal of a store unit at Royal Square at Novena was for an 807 sq ft unit on the second level that changed 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 second level changed hands for $1.17 million ($4,941 psf) a year previously in October 2021.

Hill House Singapore

Created by a joint project among Hoi Hup Real Estate along with Sunway Developments, Royal Square was finished in 2020. It features a blend of 171 medical suites, a 250-room hotel room and even a two-storey retail platform with 25 strata-titled outlet units. Royal Square has a pronounced building front along the junction of Irrawaddy Roadway and Thomson Road, and also a quick stroll to Novena MRT station. The retail units are lessee to several businesses, consisting of restaurants, education centres together with salon.

Royal Square is located near the Health City Novena, Singapore’s most extensive healthcare complex, which is intended to be finalized by 2030. The 17-hectare incorporated property will incorporate 10 Buildings, featuring Tan Tock Seng Hospital and five brand-new healthcare facilities linked via a network of MRT, pedestrian sidewalks, as well as shuttle bus assistances. According to Savills, Health CIty Novena are going to expand outside health care establishments to encompass education and learning, industrial, and even recreation areas.

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