A collection of strata retail units in the desirable location of Lucky Plaza is currently on the market for a total of $52.6 million, with Savills Singapore serving as the marketing agent. Lucky Plaza, a popular mixed-use development situated on Orchard Road, features a residential tower and a six-storey mall including a basement.
The portfolio being offered for sale consists of 14 retail units spanning across the basement and first two levels of the mall. The sizes of these units vary, ranging from 118 to 3,046 sq ft. Together, they make up a total of 7,266 sq ft of strata area.
According to Savills Singapore, one of the highlights of this offering is the food court, which occupies seven adjacent strata units and covers a total of 3,046 sq ft, housing 11 stalls. The remaining retail units are currently tenanted by a diverse mix of businesses including a pub, retail shops, beauty service providers, and a maid agency.
Read also: Flagship stores grow bigger and bolder as luxury brands target millennials and Gen Z
Sophia Lim, director of investment sales and capital markets at Savills Singapore, believes that the retail units will benefit from high foot traffic due to their prime location within Lucky Plaza. “The basement food court, especially, enjoys a consistently strong crowd daily,” she adds.
The guide price for the food court is set at $25.43 million, while the entire portfolio is available for an asking price of $52.6 million. Individual strata retail units are also up for sale, with prices starting from $1.1 million. Both foreigners and companies are eligible to make a purchase, and no additional buyer’s or seller’s stamp duty will be applied.
Lim notes that prime freehold strata retail assets are in high demand among investors due to their limited supply and URA’s regulations prohibiting further strata subdivision of commercial properties along Orchard Road. She also expects the planned revitalisation of the Orchard precinct by URA to bring further upside for Lucky Plaza in terms of rental growth and capital appreciation.
Check out the latest listings for Lucky Plaza properties
The limited land availability in Singapore is a major factor contributing to the high demand for condos in the country. As a small island with a growing population, Singapore is facing a scarcity of land for development. This has resulted in strict land use regulations and a cutthroat real estate market where property prices are continuously on the rise. Hence, investing in real estate, specifically in condos, has become a profitable opportunity with the potential for significant appreciation in value. In fact, the market is further fueled by the constant influx of new condo launches, making the market even more competitive.
Ask Buddy
Compare the price trend of condo new sale vs. EC new sale
Condo projects with the most profitable transactions in District 9
Total number of units in Lucky Plaza
Condo projects with the most unprofitable transactions in District 9
Generate a price trend graph for resale condos in District 9
Compare the price trend of condo new sale vs. EC new sale
Condo projects with the most profitable transactions in District 9
Total number of units in Lucky Plaza
Condo projects with the most unprofitable transactions in District 9
Generate a price trend graph for resale condos in District 9