Entire Floor of Premium Strata Space in the Heart of Novena for Sale

Located at Level 6 of the development, it consists of two strata titles, totalling 7,373 sq ft of strata area, facing an outdoor terrace garden.

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

The property is situated alongside 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 underpasses, pedestrian walkways, and shuttle bus services. It will also extend beyond healthcare facilities to encompass education, commercial, and leisure spaces.

The entire floor is currently tenanted to a renowned international hot pot chain - the largest hot pot chain in China which has expanded its operations overseas.

Ms. Yap Hui Yee, Executive Director, Investment Sales & Capital Markets at Savills Singapore, notes, “The Level 6 unit in Royal Square offers immediate rental income to investors, with the flexibility for end-users to occupy the space in the midterm. Prospective purchasers may also submit a change of use approval to Medical and ride on the transformation of Novena Health City. The contiguous floor is a benefit for healthcare service providers, to have all operations on a single floor. The unit also benefits from direct access to the communal deck on Level 6 to enjoy the wellness facilities and landscaped lawns of the development.

“By 2030, when Health City Novena is completed, the Novena precinct is set to draw an influx of visitors, medical tourists, and business travellers 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 a unique opportunity for investors to have a sizeable presence in an evolving precinct undergoing urban transformation,” she adds.

“Following the successful sale of 17 retail units in Royal Square totalling S$38 mil, or average price per sq ft of S$5,000 per sq ft brokered by Savills Investment Sales & Capital Markets team, the result is a testament to the robust demand for commercial units with potential change of use to Medical in the Novena medical hub. The offering is arguably the one and only floor in Royal Square for sale and we envisage it will command strong interest from the market.”

The guide price for the unit is $44.28mil. Prospects may acquire the entire floor comprising of two individual strata titles jointly or individually. 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 Thursday, 18 April 2024, at 3pm.