Portfolio of strata retail units at Royal Square for sale at $28 mil
A portfolio of 12 store units at the mixed-use property development Royal Square in Novena goes on the market for sale. The units have measurements ranging from 226 sq ft to 2,217 sq ft and cover the store podium’s very first also second levels, with a total strata location of 5,221 sq ft. The prices go from $1.2 million ($5,310 psf) for the littlest unit to $28 million ($5,363 psf) for the overall profile.
The sale of the 12 store units will certainly be carried out via an expression of interest (EOI) exercise, which closes up on Friday, 24 March 2023, at 3pm.
Established by a mutual venture between Hoi Hup Real Estate along with Sunway Developments, Royal Square was finished in 2020. It comes with a mix of 171 medical suites, a 250-room hotel room plus a two-storey retail platform along with 25 strata-titled outlet units. Royal Square has a prominent front view around the junction of Irrawaddy Road and also Thomson Road, as well as a short walk to Novena MRT stop. The retail units are tenanted to different companies, consisting of dining establishments, learning centres together with salon.
“The profile of store units at Royal Square uses prompt leasing earnings to investors, with the flexibility for end-users to take up the area in the midterm,” claims Yap Hui Yee, managing director, assets sales and capital markets at Savills Singapore. “Possible buyers might just likewise think about exploring alternative uses, such as clinical flats also health including wellness services, based on pertinent authorities’ approval.” A change of utilization to clinical lodgings has already been acquired for six of the 12 units, adds Yap.
Royal Square is situated close to the Health City Novena, Singapore’s biggest healthcare facility, which is intended to be finalized by 2030. The 17-hectare incorporated development will incorporate 10 Properties, featuring Tan Tock Seng Medical center as well as 5 new health care facilities linked via a network of MRT, pedestrian sidewalks, and also shuttle bus services. According to Savills, Health CIty Novena will most likely prolong beyond healthcare establishments to include education and learning, industrial, and leisure areas.
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 modified hands for $3.6 million ($4,459 psf) in October 2022, according to a caveat housed with URA Realis. Before that, an additional 237 sq ft unit on the second level changed possessions for $1.17 million ($4,941 psf) a year earlier in October 2021.