A medical suite at Novena Specialist Centre will be put on the block at Knight Frank’s upcoming auction on May 22. The 667 sq ft unit will be offered at $3.66 million, which translates to $5,499 psf based on floor area.
The unit is an owner’s sale and is being listed for auction for the first time. According to Knight Frank, it will be sold with an existing tenancy that runs until May 2027. The medical unit also features a regular layout with four partitioned rooms.
Novena Specialist Centre is a 99-year leasehold mixed-use development on Sinaran Drive. The development is located within an established medical and healthcare cluster in Novena in prime District 11. Several prominent hospitals and medical centres are in the vicinity such as Tan Tok Seng Hospital, Johns Hopkins Singapore Medical Centre, Novena Medical Centre, KK Women’s and Children’s Hospital, Thomson Medical Centre, and Mount Elizabeth Novena Hospital.
The area is also home to other commercial developments, residences, hotels, and serviced apartments that support the large population of healthcare professionals and patients. Notable examples include Courtyard by Marriott Singapore Novena, Oasia Hotel Novena, Novena Square, and Square 2.
Novena Specialist Centre, completed in 2011, is part of Oasia Hotel Novena. The medical centre is served by its own dedicated lift lobby and drop-off point off Sinaran Drive. There are 69 purpose-built medical suites, and the building is directly connected to the neighbouring Novena Medical Centre, which is also directly linked to Novena MRT Station on the North-South Line.
According to resale caveats, it has been at least seven years since a strata-titled medical suite at Novena Specialist Centre was transacted. The last unit to change hands was a 549 sq ft unit on the fifth floor that fetched $2.58 million ($4,700 psf) in June 2018. This unit previously fetched $2.52 million ($4,599 psf) in February 2014.
That same year, a 732 sq ft unit on the sixth floor was transacted for $3.35 million ($4,577 psf) in April. No other resale transactions were recorded between 2015 and 2017.
The newest medical centre in the area is the 171-unit, strata-titled Royal Square Medical Centre. It is part of Royal Square, a mixed-use development on Irrawaddy Road completed in 2020. The development comprises the medical centre, the 250-room Courtyard by Marriott hotel, and a two-storey retail podium.
Based on caveats, the medical units were transacted at an average price of $4,600 to $4,700 psf in 2018. For example, a 657 sq ft unit on the 11th floor fetched $2.96 million ($4,519 psf) in April 2018, and a 753 sq ft unit on the 16th floor was sold for $3.5 million ($4,645 psf) in a sub-sale in March 2028.
