Portfolio of strata retail units at Royal Square for sale at $28 mil
The most recent deal of a retail unit at Royal Square at Novena was actually for an 807 sq ft unit on the second level that shifted hands for $3.6 million ($4,459 psf) in October 2022, according to a caution dwelled with URA Realis. Before that, another 237 sq ft unit on the 2nd level changed possessions for $1.17 million ($4,941 psf) a year beforehand in October 2021.
“The profile of store units at Royal Square provides prompt rental income to clients, with the flexibility for end-users to take up the area in the midterm,” says Yap Hui Yee, executive director, investment sales and funding industry at Savills Singapore. “Potential customers might also take into consideration checking out alternative uses, such as clinical suites and health including wellness services, based on pertinent authorities’ authorization.” A modification of utilization to clinical suites has already been gotten for 6 of the 12 units, includes Yap.
A portfolio of 12 store units at the mixed-use development Royal Square in Novena is on the market for sale. The units have dimensions varying from 226 sq ft to 2,217 sq ft and span the store platform’s very first and second levels, with a complete strata place of 5,221 sq ft. The costs range from $1.2 million ($5,310 psf) for the littlest unit to $28 million ($5,363 psf) for the overall portfolio.
The sale of the 12 store units will be carried out through an expression of interest (EOI) exercise, which closes on Friday, 24 March 2023, at 3pm.
Established by a shared investing between Hoi Hup Realty along with Sunway Developments, Royal Square was accomplished in 2020. It features a mix of 171 medical apartments, a 250-room accommodation and even a two-storey retail platform along with 25 strata-titled shop units. Royal Square has a pronounced frontage around the joint of Irrawaddy Road and also Thomson Route, as well as a brief stroll to Novena MRT stop. The retail store units are occupier to a variety of businesses, including dining establishments, education centres and beauty salons.
Royal Square is located around the Health City Novena, Singapore’s largest healthcare complex, which is intended to be completed by 2030. The 17-hectare integrated development will incorporate 10 Establishments, including Tan Tock Seng Hospital and also five brand-new health care centers linked via a network of MRT, pedestrian sidewalks, and also shuttle bus services. According to Savills, Health CIty Novena will prolong beyond healthcare facilities to encompass education and learning, industrial, and recreation areas.
