Portfolio of strata retail units at Royal Square for sale at $28 mil

A collection of 12 retail units at the mixed-use development Royal Square in Novena is on the marketplace for purchase. The units have sizes stretching from 226 sq ft to 2,217 sq ft as well as cover the store podium’s first and 2nd degrees, with a complete strata location of 5,221 sq ft. The rates vary from $1.2 million ($5,310 psf) for the littlest unit to $28 million ($5,363 psf) for the entire profile.

“The portfolio of store units at Royal Square offers immediate rent income to clients, with the flexibility for end-users to take up the area in the midterm,” states Yap Hui Yee, executive director, assets sales and resources industry at Savills Singapore. “Prospective buyers might also take into consideration checking out different utilizations, such as medical suites and also health and wellness services, subject to relevant authorities’ approval.” A modification of utilization to clinical suites has already been acquired for 6 of the 12 units, adds Yap.

Developed by a mutual venture between Hoi Hup Real Estate and Sunway Developments, Royal Square was completed in 2020. It has a mix of 171 medical apartments, a 250-room hotel room plus a two-storey store podium along with 25 strata-titled shop units. Royal Square has a remarkable front view around the joint of Irrawaddy Road and Thomson Route, and also a short stroll to Novena MRT stop. The store units are tenanted to several businesses, consisting of dining establishments, learning centres including salon.

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Royal Square is located close to the Health City Novena, Singapore’s biggest healthcare complex, which is aim to be completed by 2030. The 17-hectare incorporated property will certainly integrate 10 Properties, consisting of Tan Tock Seng Hospital and 5 brand-new medical care spaces connected via a network of MRT, pedestrian pathways, and also shuttle bus services. According to Savills, Health CIty Novena will most likely prolong outside healthcare establishments to incorporate education and learning, industrial, and even leisure spaces.

The most up to date purchase of a store 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 caution dwelled with URA Realis. Prior to that, an additional 237 sq ft unit on the 2nd level transformed hands for $1.17 million ($4,941 psf) a year earlier in October 2021.

The sale of the 12 store units will be carried out with an expression of interest (EOI) exercise, which finalizes on Friday, 24 March 2023, at 3pm.

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