Portfolio of strata retail units at Royal Square for sale at $28 mil
Established by a mutual investing involving Hoi Hup Realty and Sunway Developments, Royal Square was finished in 2020. It has a blend of 171 medical suites, a 250-room accommodation and a two-storey store platform along with 25 strata-titled store units. Royal Square has a remarkable building front near the junction of Irrawaddy Roadway and Thomson Road, and a quick walk to Novena MRT terminal. The store units are tenanted to different companies, including dining establishments, training centres together with beauty salons.
Royal Square is positioned close to the Health City Novena, Singapore’s largest health care facility, which is intended to be completed by 2030. The 17-hectare incorporated development will certainly incorporate 10 Properties, featuring Tan Tock Seng Medical facility and 5 new medical care centers linked through a network of MRT, pedestrian pathways, and shuttle services. According to Savills, Health CIty Novena will most likely prolong outside medical care facilities to encompass education, industrial, and even leisure rooms.
The sale of the 12 store units will be carried out via an expression of interest (EOI) exercise, which closes up on Friday, 24 March 2023, at 3pm.
The most up to date deal 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 housed with URA Realis. Before that, one more 237 sq ft unit on the 2nd level changed hands for $1.17 million ($4,941 psf) a year previously in October 2021.
“The portfolio of retail units at Royal Square uses prompt leasing income to investors, with the freedom for end-users to occupy the space in the midterm,” says Yap Hui Yee, corporate supervisor, investment deals and capital markets at Savills Singapore. “Prospective purchasers might additionally consider exploring different uses, such as clinical suites also health and health companies, subject to relevant jurisdictions’ authorization.” A change of utilization to clinical lodgings has already been acquired for 6 of the 12 units, includes Yap.
A portfolio of 12 retail units at the mixed-use 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 as well as extend the store podium’s very first and 2nd degrees, with a total 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 overall profile.
