Royal Square, the mixed-use development comprising of 171 medical suites, a 250-room hotel, and a two-storey retail podium with 25 strata-titled shop units, is located in Novena and was completed in 2020. Boasting a prominent frontage along the junction of Irrawaddy Road and Thomson Road, with a short walk to Novena MRT station, the complex also includes a portfolio of 12 retail units currently up for sale. Spanning the retail podium’s first and second levels, these units are tenanted to various business like restaurants, education centres, and beauty salons and present an immediate rental income to investors.
For those looking to explore alternative uses such as medical suites or health and wellness services, Yap Hui Yee, executive director, investment sales and capital markets at Savills Singapore says that six of the 12 units already have a change of use to medical suites, according to relevant authorities. With Health City Novena, Singapore’s largest healthcare complex, targeted to be completed by 2030, the size of the units range from 226 sq ft to 2,217 sq ft with prices ranging from $1.2 million ($5,310 psf) to $28 million ($5,363 psf).
The latest transaction of a retail unit at Royal Square at Novena was for an 807 sq ft unit located on Champions Way Condo the second level that changed hands for $3.6 million ($4,459 psf) in October 2022, according to a caveat lodged with URA Realis. This suggests an increase in price from the pre-transaction a year earlier in October 2021 for another 237 sq ft unit on the second level which changed hands for $1.17 million ($4,941 psf).
An expression of interest (EOI) exercise will be conducted to close on Friday, 24 March 2023, at 3pm for the sale of the 12 retail units at Royal Square. With an excellent location and flexibility for end-users to occupy the space in the midterm, these retail units present the perfect investment opportunity.