Portfolio of strata retail units at Royal Square for sale at $28 million
A portfolio of 12 retail units at the mixed-use development Royal Square in Novena is on the market for sale. Sizes of the units range from 226 sq ft to 2,217 sq ft and span the retail podium’s first and second levels, with a total strata area of 5,221 sq ft. The prices range from $1.2 million ($5,310 psf) for the smallest unit to $28 million ($5,363 psf) for the entire portfolio.
Royal Square which was completed in 2020, was a joint-venture between Hoi Hup Realty and Sunway Developments. The mixed-development has a total 171 medical suites, 250 hotel room and a two-storey retail podium with 25 strata-titled shop units. With the mall’s prominent frontage along the junction of Irrawaddy Road and Thomson Road, and a short walk to Novena MRT station, the retail units are tenanted to various businesses, including restaurants, education centres and beauty salons.
“The portfolio of retail units at Royal Square offers immediate rental income to investors, with the flexibility for end-users to occupy the space in the midterm,” says Yap Hui Yee, executive director, investment sales and capital markets at Savills Singapore. “Prospective purchasers may also consider exploring alternative uses, such as medical suites and health and wellness services, subject to relevant authorities’ approval.” A change of use to medical suites has already been obtained for six of the 12 units, adds Yap.
Royal Square is situated near Singapore’s largest healthcare complex, Health City Novena, which targets to be completed by 2030. The 17-hectare integrated development will incorporate 10 Buildings, including Tan Tock Seng Hospital and five new healthcare facilities connected via a network of MRT, pedestrian walkways, and shuttle bus services. According to Savills, Health City Novena will not only provide healthcare facilities, but at the same time to encompass education, commercial, and leisure spaces.
The sale of the 12 retail units will be conducted through an expression of interest (EOI) exercise, which closes on Friday, 24 March 2023, at 3pm.