Portfolio of strata retail units at Royal Square for sale at $28 mil
A collection of 12 retail units at the mixed-use project Royal Square in Novena goes on the marketplace for sale. The units have measurements stretching from 226 sq ft to 2,217 sq ft as well as cover the retail podium’s first and second levels, with a complete 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.
The sale of the 12 retail units will certainly be performed through an expression of interest (EOI) exercise, which finalizes on Friday, 24 March 2023, at 3pm.
Royal Square is positioned near the Health City Novena, Singapore’s most extensive health care facility, which is intended to be finished by 2030. The 17-hectare integrated development will certainly include 10 Establishments, featuring Tan Tock Seng Medical center and also five brand-new healthcare facilities attached through a network of MRT, pedestrian sidewalks, as well as shuttle services. According to Savills, Health CIty Novena will prolong outside health care centers to encompass education, industrial, also leisure rooms.
The latest purchase 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 caveat dwelled with URA Realis. Prior to that, another 237 sq ft unit on the 2nd level changed possessions for $1.17 million ($4,941 psf) a year previously in October 2021.
“The portfolio of store units at Royal Square supplies immediate rental earnings to investors, with the versatility for end-users to take up the space in the midterm,” claims Yap Hui Yee, corporate supervisor, assets sales and funding markets at Savills Singapore. “Potential buyers might also take into consideration discovering different usages, such as medical suites also health and health companies, based on relevant jurisdictions’ approval.” An adjustment of utilization to medical suites has already been obtained for 6 of the 12 units, adds Yap.
Created by a shared venture between Hoi Hup Real Estate along with Sunway Developments, Royal Square was accomplished in 2020. It comes with a mix of 171 medical apartments, a 250-room accommodation and a two-storey retail podium with 25 strata-titled store units. Royal Square has a popular front view around the junction of Irrawaddy Roadway and also Thomson Route, and also a short stroll to Novena MRT terminal. The store units are lessee to various businesses, featuring dining establishments, education centres together with beauty parlor.