Portfolio of strata retail units at Royal Square for sale at $28 mil
Created by a shared project involving Hoi Hup Realty together with Sunway Developments, Royal Square was finished in 2020. It features a mix of 171 medical apartments, a 250-room hotel room plus a two-storey retail platform along with 25 strata-titled store units. Royal Square has a prominent front view around the junction of Irrawaddy Roadway and also Thomson Route, and also a quick stroll to Novena MRT station. The store units are tenanted to several services, including bistros, education centres and beauty salons.
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 dimensions varying from 226 sq ft to 2,217 sq ft and also extend the store podium’s first and second levels, with an overall strata location of 5,221 sq ft. The rates go from $1.2 million ($5,310 psf) for the littlest unit to $28 million ($5,363 psf) for the whole profile.
The sale of the 12 store units will be performed via an expression of interest (EOI) exercise, which finalizes on Friday, 24 March 2023, at 3pm.
The most recent transaction 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 caveat lodged with URA Realis. Prior to that, one more 237 sq ft unit on the 2nd level transformed possessions for $1.17 million ($4,941 psf) a year beforehand in October 2021.
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Royal Square is situated near the Health City Novena, Singapore’s most extensive healthcare complex, which is targeted to be finalized by 2030. The 17-hectare incorporated project will certainly include 10 Buildings, featuring Tan Tock Seng Medical facility and 5 brand-new healthcare centers attached by means of a network of MRT, pedestrian pathways, and shuttle services. According to Savills, Health CIty Novena are going to extend beyond healthcare facilities to include education and learning, business, and recreation spaces.
“The portfolio of store units at Royal Square supplies prompt rental revenue to financiers, with the freedom for end-users to take up the area in the midterm,” says Yap Hui Yee, executive supervisor, assets deals and funding markets at Savills Singapore. “Possible customers might also think about checking out alternative usages, such as clinical suites also health and health companies, subject to relevant authorities’ approval.” A change of utilization to clinical lodgings has actually already been gotten for six of the 12 units, adds Yap.
