The 8,848 sq ft unit is located on the sixth floor (Picture: JLL)
A corner strata retail unit at Lucky Plaza shopping mall on Orchard Road has been put up for sale through private treaty. At 8,848 sq ft, the freehold property is the third largest within Lucky Plaza, says JLL, which is exclusively marketing the property. Located on the sixth floor, the unit has an indicative price of $32 million, which works out to $3,617 psf on the strata area.
The unit has direct lift and escalator access. The entire space is currently leased out to two separate retail operators and will be sold with existing tenancies. Foreigners and entities are eligible to purchase the property without additional buyer’s stamp duty or seller’s stamp duty.
“There are only three such units that are above 8,000 sq ft in size within the entire development, and these assets are rarely traded,” notes Terry Wong, senior director of capital markets at JLL. The size of the unit, coupled with its wide frontage, allows the future owner to potentially subdivide the space further, he adds.
Lucky Plaza is a 30-storey mixed-use development comprising 22 storeys of apartments on top of a six-storey retail podium including a basement. The development opened in 1978 and has direct underground access to Orchard MRT Station on the North-South and Thomson-East Coast Lines.
The EdgeProp Buddy tool shows that the last commercial transaction at Lucky Plaza based on available caveats was the sale of a 172 sq ft basement unit for $1.39 million ($8,064 psf) in April. Prior to that, a 312 sq ft unit on the third floor fetched $2.4 million ($7,688 psf) in March.
Check out the latest listings for Lucky Plaza, Commercial Real Estate properties