Freehold strata shop unit at Lucky Plaza for sale at $16,100 psf
A shop unit on the ground floor of Lucky Plaza us going to be placed on the block at Knight Frank’s coming auction sale on Sept 19.
Lucky Plaza pulls in fresh shoppers and clients whenever new units become available. Based on URA caveats, seven store units successfully changed hands last year. The transactions ranged from the sale of a 538 sq ft unit on the fourth level for $2.8 million ($5,209 psf) on Dec 7, to the sale of a 129 sq ft unit on the 3rd level for $1.05 million ($8,129 psf) on April 21.
Completed in 1981 by Far East Organization, Lucky Plaza is a property mixed-use development making up retail industry shops, F&B shops, health care centres, also household condos. The shops plus business units occupy a seven-storey platform, while the non commercial units inhabit the ninth to 30th grounds.
Karen Ker, associate supervisor of sell-off and also sales at promotional agent Knight Frank, claims the unit is going to be presented with a tenancy that finishes on Nov 30. In addition, GST is not payable on the purchase, and the sale will not have additional customer’s stamp obligation or seller’s stamp responsibility.
The shop unit enjoys a prominent front view across the pedestrian walkway, and its elevated placement over the street level provides high visibility to walkers and vehicles along Orchard Roadway. The unit is also near to the main entrance of the mall, as well as the taxi stand plus drop-off point providing the property.
An inventory of industrial resale signs between August 2022 and August this year by EdgeProp Singapore reveals that the standard rate of store units at Lucky Plaza is approximately $5,566 psf. Suggestive rents vary in between $2.80 and $19.90 psf per month. This indicates a typical 2.4% rental return for store unit property owners.
A business owner’s sale, the estate unit on Orchard Roadway has a guide price of $7.1 million. This calculates to approximately $16,100 psf based on its flooring area of 441 sq ft.
The shopping mall is nearby landmarks just like Tang Plaza, Wisma Atria, Ion Orchard, Ngee Ann City Shopping Centre, as well as The Paragon. Behind it are Mount Elizabeth Hospital and even high end flats along Mount Elizabeth and Cairnhill Roadway.
Up until now, there have been three resales at Lucky Plaza. The most recent was a 420 sq ft unit on the 3rd floor that switched hands for $3.3 million ($7,861 psf) on May 11.