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

Up for sale is a portfolio of 12 retail units located at the state-of-the-art Royal Square development in Novena. Situated conveniently along Irrawaddy Road, the units range from 226 sq ft to 2,217 sq ft, with a total strata area of 5,221 sq ft. Developed by a joint venture between Hoi Hup Realty and Sunway Developments, Royal Square was completed in 2020 and comprises of 171 medical suites, a 250-room hotel and the two-storey retail podium with 25 strata-titled shop units.

Prices of the retail units range from $1.2 million ($5,310 psf) for the smallest unit to $28 million ($5,363 psf) for the entire portfolio, offering both investors and end-users ample opportunity for financial gain. According to Yap Hui Yee, executive director, investment sales and capital markets at Savills Singapore, “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.”

Moreover, those interested in pursuing alternative uses such as medical suites and health and wellness services, subject to relevant authorities’ approval, can explore the possibilities as well. Six out of the 12 units already have a change of use to medical suites. The retail units are tenanted to various businesses, including restaurants, education centres and beauty salons.

The sale of the portfolio of 12 retail units at Royal Square is now open to the public via an expression of interest (EOI) exercise, which closes on Friday, 24 March 2023, at 3pm.

Royal Square is situated near the upcoming Health City Novena, Singapore’s largest healthcare complex, which is targeted to be completed by 2030. Spread over 17 hectares, Health City Novena will offer more than just healthcare facilities, and will eventually provide commercial, education, leisure and entertainment spaces.

The latest transaction of a retail unit at Royal Square at Novena was 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 caveat lodged with URA Realis. Before that, another 237 sq ft unit on the second level changed hands for $1.17 million ($4,941 psf) a year earlier in October 2021.

Offering immense potential, the portfolio of 12 retail units at Royal Square is an attractive opportunity for investors and end-users alike. With the convenient location, proximity to Novena MRT station, and the future Health City Novena, this portfolio of retail units is sure to benefit Tengah EC from long-term capital appreciation.