Portfolio of strata retail units at Royal Square for sale at $28 mil
Developed by a joint venture between Hoi Hup Real Estate along with Sunway Developments, Royal Square was completed in 2020. It comes with a blend of 171 medical apartments, a 250-room hotel room and even a two-storey retail podium along with 25 strata-titled store units. Royal Square has a remarkable frontage along the junction of Irrawaddy Road and Thomson Route, as well as a short stroll to Novena MRT station. The retail store units are occupier to a variety of businesses, featuring dining establishments, education centres including salon.
The current 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 lodged with URA Realis. Prior to that, an additional 237 sq ft unit on the 2nd level transformed possessions for $1.17 million ($4,941 psf) a year earlier in October 2021.
A collection of 12 store units at the mixed-use project Royal Square in Novena goes on the market for sale. The units have dimensions ranging from 226 sq ft to 2,217 sq ft and also cover the store platform’s very first also second levels, with an overall strata area 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 entire profile.
Royal Square is positioned close to the Health City Novena, Singapore’s biggest medical care complex, which is intended to be completed by 2030. The 17-hectare integrated property will certainly include 10 Establishments, featuring Tan Tock Seng Medical center and also 5 brand-new medical care facilities attached via a network of MRT, pedestrian walkways, and shuttle services. According to Savills, Health CIty Novena will most likely extend outside health care establishments to encompass education and learning, commercial, also recreation spaces.
“The profile of store units at Royal Square supplies prompt rent revenue to investors, with the freedom for end-users to occupy the area in the midterm,” says Yap Hui Yee, managing director, investment deals and resources markets at Savills Singapore. “Prospective purchasers might just also think about checking out different utilizations, such as clinical suites also health and wellness companies, subject to appropriate authorities’ authorization.” An adjustment of use to clinical suites has currently been obtained for 6 of the 12 units, adds Yap.
The sale of the 12 retail units will certainly be performed with an expression of interest (EOI) exercise, which closes up on Friday, 24 March 2023, at 3pm.