Freehold strata retail units in Lucky Plaza for sale at $52.6 mil
By Ashley Lo
The portfolio up for sale includes 14 retail units totalling 7,266 sq ft of strata area (Picture: Savills Singapore)
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A portfolio of freehold strata retail units in Lucky Plaza is up for sale at a total of $52.6 million, with Savills Singapore as its marketing agent. Lucky Plaza, a mixed-use development located at Orchard Road, comprises a residential tower and a six-storey mall with a basement.
The portfolio up for sale includes 14 retail units spread across the basement and the first two levels of the mall. The units vary in size from 118 to 3,046 sq ft. In total, they make up 7,266 sq ft of strata area.
According to Savills Singapore, the “standout feature” of the offering is a food court, which spans seven adjoining strata units totalling 3,046 sq ft and accommodates 11 stalls. The remaining retail units are currently tenanted by a mix of businesses including a pub, retail shops, beauty service providers, and a maid agency.
Sophia Lim, director of investment sales and capital markets at Savills Singapore, expects the retail units to benefit from high foot traffic due to their location in Lucky Plaza. “The basement food court, in particular, benefits from consistently strong crowds daily,” she continues.
The guide price for the food court stands at $25.43 million, while the entire portfolio is available at an asking price of $52.6 million.
Meanwhile, individual strata retail units are priced from $1.1 million onwards. Both foreigners and companies are eligible to purchase, and no additional buyer’s or seller’s stamp duty will be imposed.
Lim believes that prime strata freehold retail assets are becoming highly sought-after among investors due to their scarcity and URA’s prohibition on further strata subdivision of commercial properties along Orchard Road. She expects the planned revitalisation of the Orchard precinct by URA will also provide further upside for Lucky Plaza in terms of rental growth and capital appreciation.
Check out the latest listings for Lucky Plaza properties
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