Portfolio of strata retail units at Royal Square for sale at $28 mil
A collection of 12 store units at the mixed-use project Royal Square in Novena is on the marketplace for sale. The units have sizes varying from 226 sq ft to 2,217 sq ft as well as cover the store platform’s first also 2nd levels, with a complete strata area of 5,221 sq ft. The costs go from $1.2 million ($5,310 psf) for the smallest unit to $28 million ($5,363 psf) for the entire profile.
Established by a mutual project among Hoi Hup Realty and 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 podium by having 25 strata-titled shop units. Royal Square has a pronounced front view near the joint of Irrawaddy Roadway and also Thomson Route, as well as a quick walk to Novena MRT station. The retail units are occupier to a variety of services, including restaurants, education centres together with beauty parlor.
“The portfolio of store units at Royal Square uses prompt rental revenue to investors, with the flexibility for end-users to occupy the area in the midterm,” claims Yap Hui Yee, managing director, venture deals and resources industry at Savills Singapore. “Possible customers might just additionally think about discovering alternative utilizations, such as medical suites and health and health companies, subject to pertinent jurisdictions’ authorization.” An adjustment of use to clinical lodgings has already been gotten for six of the 12 units, adds Yap.
The sale of the 12 retail units will certainly be carried out through an expression of interest (EOI) exercise, which finalizes on Friday, 24 March 2023, at 3pm.
The latest 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 dwelled with URA Realis. Prior to that, an additional 237 sq ft unit on the 2nd level changed possessions for $1.17 million ($4,941 psf) a year earlier in October 2021.
Royal Square is located near the Health City Novena, Singapore’s biggest healthcare facility, which is aim to be completed by 2030. The 17-hectare incorporated project will integrate 10 Properties, consisting of Tan Tock Seng Medical center as well as 5 new health care facilities linked via a network of MRT, pedestrian walkways, as well as shuttle bus services. According to Savills, Health CIty Novena will most likely extend outside healthcare establishments to encompass education and learning, industrial, and even recreation rooms.