Portfolio of strata retail units at Royal Square for sale at $28 mil
Royal Square is positioned close to the Health City Novena, Singapore’s biggest medical care complex, which is targeted to be finished by 2030. The 17-hectare integrated project will integrate 10 Properties, including Tan Tock Seng Hospital and also 5 brand-new health care facilities connected via a network of MRT, pedestrian sidewalks, as well as shuttle bus assistances. According to Savills, Health CIty Novena will most likely prolong beyond health care facilities to include education, business, and even leisure areas.
A collection of 12 retail units at the mixed-use project Royal Square in Novena goes on the market for purchase. The units have dimensions varying from 226 sq ft to 2,217 sq ft and also span the store platform’s first also second degrees, with an overall strata place of 5,221 sq ft. The rates go from $1.2 million ($5,310 psf) for the smallest unit to $28 million ($5,363 psf) for the whole portfolio.
The sale of the 12 store units will be performed through an expression of interest (EOI) exercise, which finalizes on Friday, 24 March 2023, at 3pm.
“The profile of retail units at Royal Square uses instant rent earnings to investors, with the freedom for end-users to occupy the space in the midterm,” says Yap Hui Yee, managing supervisor, assets sales and funding markets at Savills Singapore. “Potential purchasers may additionally consider checking out alternate uses, such as medical suites also health and health companies, based on appropriate jurisdictions’ authorization.” A change of use to medical lodgings has currently been gotten for six of the 12 units, includes Yap.
Established by a shared venture between Hoi Hup Realty along with Sunway Developments, Royal Square was accomplished in 2020. It has a mix of 171 medical suites, a 250-room accommodation and even a two-storey retail podium by having 25 strata-titled shop units. Royal Square has a popular frontage along the joint of Irrawaddy Roadway and Thomson Route, and a quick walk to Novena MRT station. The retail store units are lessee to various companies, featuring bistros, training centres including beauty parlor.
The current deal 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 caution lodged with URA Realis. Prior to that, another 237 sq ft unit on the second level altered possessions for $1.17 million ($4,941 psf) a year earlier in October 2021.
