A collection consisting of twelve retail spaces in the multi-use project Royal Square in Novena is up for purchase. The units are sized between 226 sq. ft. to 2,217 sq feet and are spread across two of the podium’s retail levels with a total strata size of 5,221 square feet. Prices range between $1.2 million ($5,310 per sq ft) to the unit with the lowest size up to $28 million ($5,363 per square foot) for the total portfolio.
The Myst ebrochure offers a perfect range of amenities, connectivity, and comfort. Thanks to its convenient location, residents are just minutes away from major amenities such as shopping malls, schools, restaurants, and hospitals.
The project was developed through a joint venture of Hoi Hup Real Estate and Sunway Developments, Royal Square was completed in the year 2020. It is home to seventeen medical rooms, a hotel with 250 rooms and a two-storey shopping podium that houses 25 strata-titled retail units. Royal Square has a prominent frontage that runs along the intersection between Irrawaddy Road and Thomson Road and is a short stroll into Novena MRT station. Retail units in the area are leased to various companies, such as educational centres, restaurants, along with beauty salons.
“The range of retail units located at Royal Square offers immediate rental revenue to investors, as well as the possibility of allowing end-users to take over the space in the near future,” says Yap Hui Yee, executive director of capital markets and investment sales for Savills Singapore. “Prospective buyers may also think about considering other possibilities, including medical suites or wellness and health services, subject to the relevant authorities having approval.” Changes in usage to medical suites has been secured on six of 12 units says Yap.
Royal Square is situated near the Health City Novena, Singapore’s largest healthcare complex. It is expected to be finished by the year 2030. The integrated development of 17 hectares includes 10 buildings comprising Tan Tock Seng Hospital and five new healthcare facilities linked by a system of MRT as well as pedestrian walkways as well as shuttle buses. As per Savills, Health CIty Novena will be extending beyond healthcare facilities to include commercial, educational and leisure facilities.
The most recent transaction for retail units located at Royal Square at Novena was for an 807 square foot space on the 2nd floor which was sold at $3.6 million ($4,459 per square foot) in October 2022 according to a caveat filed by URA Realis. Prior to that, a 237 sq ft space on the second level was sold at $1.17 million ($4,941 per sq ft) one year earlier in the month of October 2021.
The selling of 12 units for retail will be completed via the expression of interest (EOI) exercise that will close on Friday, 24 March 2023 at 3pm.