For sale, a portfolio of 12 retail units at Royal Square located in Novena is now on the market. The units range in size from 226 sq ft all the way up to 2,217 sq ft, boasting a total strata area of 5,221 sq ft. Prices range from $1.2 million to $28 million, equating to between $5,310 and $5,363 psf for the entire portfolio.

Completed in 2020, Royal Square is a development of a joint venture between Hoi Hup Realty and Sunway Developments. This mixed-used centre consists of 171 medical suites, a 250-room hotel and two-storey retail podium with 25 individual strata-titled shop units. It stands out in the area, with a prominent frontage located at the junction of Irrawaddy Road and Thomson Road, and a short walk away from Novena MRT station.

Tenants at Royal Square are various, including restaurants, education centres and beauty salons. Yap Hui Yee, executive director, investment sales and capital markets at Savills Singapore comments that “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.” Additionally, prospects may explore the alternative use of medical suites and health and wellness services, with change of use already granted for six of the 12 units.

Royal Square is close to Health City Novena, Singapore’s largest healthcare complex, projected to be finished by 2030. This 17-hectare integrated development has 10 buildings, including two of Tan Tock Seng Hospital and five new healthcare facilities, linked through a network of MRTs, pedestrian walkways, and shuttle bus services. Savills reports that JCube Residence Health City Novena has plans to extend its features beyond healthcare to include education, commercial, and leisure space.

In the past, transactions of retail units have been recorded in the vicinity of Royal Square. An 807 sq ft unit at the second level was acquired for $3.6 million ($4,459 psf) in October 2022, and a 237 sq ft unit, also at the second level, sold for $1.17 million ($4,941 psf) in October 2021.

An expression of interest (EOI) is now open to interested parties, ending on Friday, the 24th of March 2023 at 3 pm. Are you ready to invest in Royal Square?

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