Portfolio of strata retail units at Royal Square for sale at $28 mil
The latest deal of a store unit at Royal Square at Novena was actually 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 caution housed with URA Realis. Before that, an additional 237 sq ft unit on the 2nd level changed hands for $1.17 million ($4,941 psf) a year previously in October 2021.
A portfolio of 12 retail units at the mixed-use project Royal Square in Novena is on the marketplace for purchase. The units have sizes stretching from 226 sq ft to 2,217 sq ft as well as extend the retail podium’s first also 2nd levels, with a complete strata location of 5,221 sq ft. The prices 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 retail units will certainly be performed through an expression of interest (EOI) exercise, which closes on Friday, 24 March 2023, at 3pm.
Royal Square is situated around the Health City Novena, Singapore’s largest healthcare complex, which is targeted to be finished by 2030. The 17-hectare incorporated property will certainly incorporate 10 Properties, featuring Tan Tock Seng Medical center and five new medical care spaces linked through a network of MRT, pedestrian sidewalks, and shuttle bus services. According to Savills, Health CIty Novena will most likely prolong outside healthcare facilities to encompass education and learning, business, also recreation spaces.
“The profile of retail units at Royal Square offers prompt leasing income to investors, with the freedom for end-users to occupy the area in the midterm,” says Yap Hui Yee, managing supervisor, assets deals and funding markets at Savills Singapore. “Potential buyers may also take into consideration checking out alternate usages, such as clinical suites and also health and even wellness companies, subject to pertinent jurisdictions’ approval.” A change of use to medical lodgings has already been gotten for six of the 12 units, adds Yap.
Developed by a joint investing among Hoi Hup Real Estate together with Sunway Developments, Royal Square was finished in 2020. It features a mix of 171 medical apartments, a 250-room accommodation and even a two-storey store platform by having 25 strata-titled store units. Royal Square has a pronounced frontage near the joint of Irrawaddy Road and Thomson Road, and a brief stroll to Novena MRT terminal. The retail store units are lessee to different organizations, consisting of dining establishments, training centres including beauty salons.