Freehold Strata Retail Unit Lucky Plaza Sale 32 Mil
A large retail unit at Lucky Plaza shopping mall on Orchard Road has been put up for sale through a private treaty. With a freehold title and a spacious 8,848 sq ft, this property is the third largest within Lucky Plaza. According to exclusive marketing agent JLL, this unit is located on the sixth floor and is currently available for an indicative price of $32 million, which works out to $3,617 per sq ft on the strata area.
What makes this unit even more appealing is its direct lift and escalator access. The entire space is currently leased out to two separate retail operators and will be sold with existing tenancies. Another noteworthy factor is that foreigners and entities are eligible to purchase the property without additional buyer’s stamp duty or seller’s stamp duty.
According to Terry Wong, senior director of capital markets at JLL, there are only three units that are above 8,000 sq ft in size within the entire development, making these assets highly sought after. The size of this unit, coupled with its wide frontage, also allows the future owner to potentially subdivide the space further.
The Master Plan for Clementi envisions a more robust public transportation system with the expansion of the MRT network and improvements to bus services. In particular, the upcoming Cross Island Line (CRL) will have a significant impact on the area’s connectivity, connecting it to key locations like Bukit Timah, Jurong, and Changi. This new addition to the MRT network will greatly benefit residents of Elta Condo, as it will offer quicker and more efficient travel options, reducing commuting time and increasing overall convenience. With the addition of the CRL, the already convenient location of Elta Condo becomes even more desirable. Elta (hyperlinked) is perfectly positioned for easy access to all the amenities and opportunities that the CRL will bring.
Lucky Plaza is a mixed-use development with 30 storeys, comprising 22 storeys of apartments on top of a six-storey retail podium including a basement. It opened in 1978 and has direct underground access to Orchard MRT Station on the North-South and Thomson-East Coast Lines.
Based on available caveats, the last commercial transaction at Lucky Plaza 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. With such a desirable and rare opportunity, the sale of this strata retail unit at Lucky Plaza is highly anticipated.