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

at Sembawang

Royal Square at Novena is offering a portfolio of 12 retail units for sale, ranging from 226 sq ft to 2,217 sq ft in size, spanning the retail podium’s first and second levels, with a total strata area of 5,221 sq ft. Prices range from a low of $1.2 million ($5,310 psf) for the smallest unit, to a high of $28 million ($5,363 psf) for the entire portfolio.

Developed by a joint venture between Hoi Hup Realty and Sunway Developments and completed in 2020, this mixed-use development of 171 medical suites, a 250-room hotel and a two-storey retail podium with 25 strata-titled shop units has a prominent frontage on the junction of Irrawaddy Road and Thomson Road, and is a short walk to Novena MRT station.

Yap Hui Yee, executive director of investment sales and capital markets at Savills Singapore, says the units offer “immediate rental income to investors, with the flexibility for end-users to occupy the space in The Myst the midterm”. She also says purchasers may consider exploring alternative uses such as medical suites and health and wellness services, subject to relevant authorities’ approval. In fact, six of the 12 units already have had a change of use to medical suites obtained for them.

Situated near Singapore’s largest healthcare complex, Health City Novena, which is targeted to be completed by 2030, Royal Square is an integrated development which will span 17 hectares and encompass 10 Buildings including Tan Tock Seng Hospital and five new healthcare facilities, connected via a network of MRT, pedestrian walkways, and shuttle bus services. Additionally, Savills reports that it will go beyond healthcare and include education, commercial and leisure spaces.

The last retail unit at Royal Square at Novena to change hands was an 807 sq ft unit on the second level for $3.6 million ($4,459 psf) in October 2022, according to URA Realis. Before that, a 237 sq ft unit on the second level sold for $1.17 million ($4,941 psf) a year earlier in October 2021.

Interested purchasers have until Friday, 24 March 2023 to submit their expression of interest (EOI) exercise.

Royal Square’s portfolio of retail units provides a great opportunity, offering both rental income and potential alternation of use to medical, health and wellness. Situated in close proximity to the expansive, interconnected Health City Novena, Royal Square’s sale is worth making an EOI for.