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Strata floor at Royal Square in Novena on the market for $44.28 mil

By Nur Hikmah Md Ali

/ EdgeProp Singapore |

March 12, 2024 3:12 PM SGT

The strata space on the sixth floor has two strata titles, which can be acquired jointly or individually (Photo: Savills Singapore)

SINGAPORE (EDGEPROP) - Marketing agent Savills Singapore announced in a March 12 press release that a full floor of strata space within the integrated mixed-use development Royal Square on Irrawaddy Road in Novena (District 11) has been put up for sale via an Expression of Interest (EOI) exercise. The guide price for the property is $44.28 million, which translates to about $6,006 psf over a total strata area of 7,373 sq ft.

The strata space on the sixth floor has two strata titles, which can be acquired jointly or individually. Both foreigners and companies can purchase the asset with no additional buyer’s or seller’s stamp duty payable.

The floor faces an outdoor terrace garden. It also has direct access to the communal deck on the sixth storey, where tenants can use the wellness facilities and landscaped lawns of the development.

Read also: Kopar at Newton: Well-positioned to leverage growth plans for Newton and Novena

The entire floor is currently tenanted to the international hotpot chain Haidilao. This offers immediate rental income to investors, with the flexibility for end-users to occupy the space in the midterm, says Yap Hui Yee, executive director of investment sales and capital markets at Savills Singapore.

The 33-storey mixed-use development features medical suites, a hotel, and a two-storey retail podium. Situated at the junction of Irrawaddy Road and Thomson Road, it forms part of Novena's medical hub. Adjacent to it lies Health City Novena, slated to become Singapore's largest integrated healthcare complex by 2030. Yap says potential investors have the option to seek approval for a change of use to medical facilities.

The EOI exercise closes on April 18 at 3pm.

Tags:

Novena Royal Square

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