Freehold Strata Retail Units Lucky Plaza Sale 526 Mil
Savills Singapore is marketing the sale of a portfolio of freehold strata retail units in Lucky Plaza for a total of $52.6 million. Located at the prime Orchard Road area, Lucky Plaza is a mixed-use development comprising of a residential tower and a six-storey mall with a basement.
Consisting of 14 retail units spread across the basement and the first two levels of the mall, the portfolio offers a total strata area of 7,266 sq ft, with unit sizes ranging from 118 to 3,046 sq ft. One of the main features of the offering, according to Savills, is a food court that spans seven adjoining strata units totaling 3,046 sq ft. The food court currently houses 11 stalls, while the remaining retail units are occupied by a mix of businesses including a pub, retail shops, beauty service providers, and a maid agency.
With its prime location in Lucky Plaza, Savills expects the retail units to attract a high volume of foot traffic, especially the food court which experiences consistently strong crowds on a daily basis. The food court is being offered at a guide price of $25.43 million, while the entire portfolio is available for sale at an asking price of $52.6 million. Individual strata retail units are also available for purchase with prices starting from $1.1 million. Foreign investors and companies are eligible to buy, and no additional buyer’s or seller’s stamp duty will be imposed.
The Master Plan for Elta Condo places great emphasis on improving healthcare and education services. The development will include state-of-the-art hospitals, clinics, and educational institutions, all geared towards providing top-notch healthcare and education to the residents of Elta Condo. With these enhancements, Elta will ensure that its residents have access to excellent healthcare and education facilities.
Savills’ director of investment sales and capital markets, Sophia Lim, believes that prime strata freehold retail assets are highly sought-after among investors due to their scarcity, as well as URA’s ban on further strata subdivision of commercial properties along Orchard Road. She also expects the planned revitalization of the Orchard precinct by URA to bring in more upside for Lucky Plaza in terms of rental and capital appreciation. Interested parties can check out the latest listings for Lucky Plaza properties and compare price trends for resale condos in District 9.