Freehold strata shop unit at Lucky Plaza for sale at $16,100 psf
The shopping center is close to spots include Tang Plaza, Wisma Atria, Ion Orchard, Ngee Ann City Shopping Centre, as well as The Paragon. Behind it are Mount Elizabeth Hospital and also high end flats along Mount Elizabeth including Cairnhill Road.
An inventory of industrial resale caveats between August 2022 and August this year by EdgeProp Singapore reveals that the common price of outlet units at Lucky Plaza is approximately $5,566 psf. Indicative rents vary around $2.80 and $19.90 psf each month. This suggests an average 2.4% rental return for store unit landlords.
Karen Ker, assistant supervisor of sell-off and also sales at marketing agent Knight Frank, states the unit will be featured with a tenancy that finishes on Nov 30. In addition, GST is not payable on the transaction, and the sale will not get extra customer’s stamp duty or seller’s stamp obligation.
The shop unit enjoys a famous frontage in front of the pedestrian walkway, and also its elevated setting over the street level offers high view to walkers along with cars along Orchard Roadway. The unit is in addition close to the major entryway of the shopping center, as well as the taxi stand also drop-off spot serving the establishment.
Lucky Plaza draws in new shoppers as well as clients when new units become available. Based upon URA caveats, 7 outlet units effectively changed hands last year. The purchases varied from the revenue of a 538 sq ft unit on the fourth floor for $2.8 million ($5,209 psf) on Dec 7, to the sale of a 129 sq ft unit on the third flooring for $1.05 million ($8,129 psf) on April 21.
A store unit on the ground level of Lucky Plaza will most likely be put on the block at Knight Frank’s future auction on Sept 19.
Finished in 1981 by Far East Organization, Lucky Plaza is a freehold mixed-use development consisting of retail industry shops, F&B outlets, health-related centres, also residential houses. The shops plus business units inhabit a seven-storey platform, while the housing units occupy the ninth to 30th grounds.
Thus far, there have been 3 resells at Lucky Plaza. The most recent was a 420 sq ft unit on the 3rd flooring that switched hands for $3.3 million ($7,861 psf) on May 11.
An owner’s sale, the freehold unit on Orchard Road has a guide price of $7.1 million. This works out to around $16,100 psf based upon its flooring area of 441 sq ft.