Portfolio of strata retail units at Royal Square for sale at $28 mil
The most up to date transaction of a retail 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 dwelled with URA Realis. Before that, an additional 237 sq ft unit on the second level changed hands for $1.17 million ($4,941 psf) a year previously in October 2021.
“The profile of store units at Royal Square supplies immediate rental earnings to financiers, with the freedom for end-users to take up the room in the midterm,” says Yap Hui Yee, executive director, assets sales and funding industry at Savills Singapore. “Possible buyers might additionally consider discovering alternate usages, such as medical suites and also health including wellness companies, subject to pertinent authorities’ authorization.” A change of use to clinical lodgings has actually already been acquired for 6 of the 12 units, adds Yap.
The sale of the 12 retail units will certainly be conducted via an expression of interest (EOI) exercise, which closes up on Friday, 24 March 2023, at 3pm.
Created by a shared project involving Hoi Hup Real Estate and Sunway Developments, Royal Square was finished in 2020. It features a blend of 171 medical apartments, a 250-room hotel and a two-storey retail podium with 25 strata-titled shop units. Royal Square has a prominent building front near the joint of Irrawaddy Roadway and also Thomson Road, as well as a brief stroll to Novena MRT stop. The store units are lessee to various companies, including restaurants, learning centres together with beauty salons.
Royal Square is located near the Health City Novena, Singapore’s largest health care complex, which is aim to be completed by 2030. The 17-hectare integrated property will certainly include 10 Establishments, featuring Tan Tock Seng Hospital as well as 5 brand-new health care spaces linked using a network of MRT, pedestrian pathways, as well as shuttle services. According to Savills, Health CIty Novena will expand past healthcare establishments to include education and learning, industrial, and leisure areas.
A profile of 12 store units at the mixed-use development Royal Square in Novena is on the marketplace for sale. The units have dimensions stretching from 226 sq ft to 2,217 sq ft as well as span the store platform’s first and second levels, with a total strata place of 5,221 sq ft. The rates go from $1.2 million ($5,310 psf) for the tiniest unit to $28 million ($5,363 psf) for the whole profile.
