Savills Singapore has been appointed as the marketing agent for a portfolio of freehold strata retail units in Lucky Plaza, with an asking price of $52.6 million. Lucky Plaza, a popular mixed-use development located at Orchard Road, features both a residential tower and a six-storey mall with a basement.
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The portfolio comprises 14 retail units spanning the basement and first two levels of the mall. Ranging in size from 118 to 3,046 square feet, these units make up a total strata area of 7,266 square feet.
According to Sophia Lim, Director of Investment Sales and Capital Markets at Savills Singapore, the highlight of this offering is the food court, which spans seven adjoining strata units and can accommodate 11 stalls. Other businesses currently operating in the remaining units include a pub, retail shops, beauty service providers, and a maid agency.
Lim expects these retail units to benefit from high foot traffic, as they are located in the bustling Lucky Plaza. The basement food court, in particular, enjoys consistently strong crowds on a daily basis.
Interested buyers can purchase the entire portfolio at an asking price of $52.6 million or opt for individual strata units, priced from $1.1 million onwards. Foreigners and companies are eligible to make purchases without incurring additional buyer’s or seller’s stamp duty.
Lim also believes that prime strata freehold retail assets are highly sought-after among investors due to their scarcity and URA’s prohibition on further strata subdivision of commercial properties along Orchard Road. With URA’s planned revitalisation of the Orchard precinct, Lucky Plaza is expected to see further upside in terms of rental growth and capital appreciation.