Hoi Hup unveils hotel at Royal Square at Novena

/ EdgeProp
November 4, 2017 11:00 AM SGT
Source: Marriott International
Occupying the 22nd to 33rd levels of Royal Square at Novena, Courtyard by Marriott Singapore Novena opened its doors on Nov 1
Royal Square at Novena — the $470 million project by Hoi Hup Realty and its joint-venture partner, Malaysia’s Sunway Developments — obtained Temporary Occupation Permit (TOP) in July. The maiden mixed-use development comprises the 250-room Courtyard by Marriott Singapore Novena, 171 strata medical suites, a 55,972 sq ft retail and F&B space as well as parking space.
Located at the junction of Irrawaddy Road and Thomson Road, Royal Square at Novena taps the burgeoning Health City Novena, which is expected to see healthcare space double to 6.5 million sq ft by 2030 in anticipation of 30,000 patients, visitors, students and staff who will be passing through the area.
The Courtyard by Marriott Singapore Novena was unveiled on Nov 1. The hotel comprises 175 deluxe rooms, 42 premier rooms and 33 executive rooms with daily room rates prices starting from $239++. According to Peter Khong, general manager of Courtyard by Marriott Singapore Novena, the hotel spans the 22nd to 33rd floors of the tower and is capped by a rooftop bar and an infinity swimming pool with views of the city.
The Courtyard brand is ideal for the location, as it caters for business travellers who want to mix business with leisure, he adds. “It’s well positioned to capitalise on medical tourism in Novena.”
Khong says the Courtyard by Marriott Singapore Novena is well positioned to capitalise on medical tourism at Novena
Single tower block
According to Lisa Goh, Hoi Hup’s property development manager, Royal Square at Novena is the first development in the area that has F&B, retail, medical and hotel components in one tower block.
Hoi Hup and Sunway had won the white site for the development of Royal Square at Novena in end-2012 with a bid of $492.5 million ($1,631 psf per plot ratio), beating eight other bidders. “Being a white site, it also gave us a lot of opportunities to explore the different combinations, to come up with the right mix,” adds Goh.
Royal Square at Novena is also adjacent to Novena Square, which is linked underground to the Novena MRT station. The medical suites occupy the seventh to 21st floors of Royal Square at Novena. They have their own set of lifts, which require RFID card access, thus ensuring the privacy of visitors, says Goh.
The strata medical suites at Royal Square at Novena were launched four years ago. Close to 64%, or 109, of the 171 units have been sold. To encourage more doctors to purchase the medical suites for their own use, Hoi Hup priced them at an average of $4,200 psf. Meanwhile, investors paid a slight premium of an average of $4,380 psf. “We want to support doctors who have decided to come out of public and structured hospitals into private practice,” says Goh.
Below the medical suites, 50 retail and F&B units occupy the first, second and sixth floors. Steamboat restaurant Hai Di Lao is taking up the entire 7,374 sq ft space of the sixth floor. Traditional Chinese medicine group Eu Yan Sang is opening a wellness centre there. Other tenants include Fresh+ salad place and Watsons personal beauty store. Only 13 of the 50 retail and F&B units are still available for sale, adds Goh.
Goh says Royal Square at Novena is the first develop ment in the area that has F&B, retail,medical and hotel components in one tower block
Hundred Palms — hot seller
This year, Hoi Hup launched its executive condominium (EC), the 531-unit Hundred Palms, on Yio Chu Kang Road. The project was sold out on the first day of sales at an average price of $836 psf. “Given the location of the project and the pricing, we had expected good response, but we did not expect to sell out the project within seven hours,” says Goh.
In August last year, Hoi Hup and Sunway won an EC site on Anchorvale Lane in Sengkang in a government land tender for $240.95 million, or $355 psf per plot ratio. Hoi Hup and Sunway had the top bid of 16 for the hotly contested site.
Goh says the JV partners intend to roll out the new project in Sengkang called Rivercove Residences in 1H2018. The EC project is estimated to have 640 to 650 units.
Hoi Hup has no other future development sites in the pipeline. Like other developers, it is seeking suitable sites — in both the collective sale and government land sale market, adds Goh.
Source: ERA
Hoi Hup’s 531-unit Hundred Palms Residences executive condo was sold out in seven hours
This article appeared in EdgeProp Pullout, Issue 804 (Nov 6, 2017)