A portfolio of premium retail strata units in the heart of Novena for sale

Savills Singapore, as the exclusive sole marketing agent, is pleased to offer a portfolio of strata retail units for sale at Royal Square, an integrated mixed-use development located in Novena District 11, where Singapore’s visioned Health City and largest medical hub resides. The portfolio offering consists of 12 retail units across Levels 1 and 2, with sizes ranging from 226 sq ft to 2,217 sq ft, with the total portfolio comprising 5,221 sq ft of strata area.

Completed in 2020, Royal Square is a 33-storey, mixed-use integrated development consisting of medical suites, a hotel, and a two-storey retail podium. Located at the heart of Novena, Royal Square enjoys prominent visibility along the junction of Irrawaddy Road and Thomson Road.

The units are currently tenanted to a variety of businesses, including F&B restaurants, shops, education centres, beauty salons, etc.

Royal Square is situated alongside the visioned Health City Novena, Singapore’s largest healthcare complex, targeted to be completed by 2030. The 17-hectare integrated development will incorporate 10 Buildings, including Tan Tock Seng Hospital and five new healthcare facilities connected via a network of MRT, pedestrian walkways, and shuttle bus services. It will also extend beyond healthcare facilities to encompass education, commercial, and leisure spaces.

Ms. Yap Hui Yee, Executive Director, Investment Sales & Capital Markets at Savills Singapore, noted: “The portfolio of retail units at Royal Square offer immediate rental income to investors, with the flexibility for end-users to occupy the space in the midterm. Prospective purchasers may also consider exploring alternative uses for the units, such as medical suites, health and wellness services, education centres, etc. subject to the relevant authorities’ approval. Change of use approval for Medical Suites have already been obtained for 6 of the 12 units.”

“When Health City Novena is completed, the Novena precinct is set to draw an influx of visitors, medical tourists, and business travelers from across the region. Incoming purchasers can expect to enjoy further rental and capital value upside, benefiting from the increased footfall and vibrancy in the near term. This presents an opportunity for investors to acquire retail units at a palatable quantum in an evolving precinct still undergoing urban transformation,” Ms Yap added.

The guide prices of the Royal Square units range from $1.2 mil onwards, with the entire portfolio’s asking price at $28 million. Both foreigners and companies are eligible to purchase, and no additional buyer’s or seller’s stamp duty will be imposed.

The sale will be conducted through an Expression of Interest (EOI) exercise which closes on Friday 24 March 2023, at 3pm.