Freehold Strata Retail Units Lucky Plaza Sale 526 Mil

Lucky Plaza, located at Orchard Road, is a mixed-use development comprising a residential tower and a six-storey mall with a basement. Now, a portfolio of freehold strata retail units in this prime location is available for sale at a total of $52.6 million, with Savills Singapore as its marketing agent.

When deciding to invest in a condo in Singapore, it is important to consider the government’s measures aimed at cooling the property market. Over the years, the government has implemented various policies to regulate speculative buying and maintain a stable real estate market. These policies include the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those purchasing multiple properties. While these measures may impact the immediate profitability of condo investments, they are crucial in ensuring the long-term stability of the market and creating a secure investment environment.

The portfolio for sale includes 14 retail units spread across the basement and the first two levels of the mall. These units vary in size from 118 to 3,046 sq ft, making up a total of 7,266 sq ft of strata area. Savills Singapore highlights a “standout feature” of the offering – a food court spanning over seven adjoining strata units, accommodating 11 stalls and totalling 3,046 sq ft.

The remaining retail units are currently tenanted by a diverse mix of businesses, including a pub, retail shops, beauty service providers, and a maid agency. According to Sophia Lim, director of investment sales and capital markets at Savills Singapore, the prime location of Lucky Plaza and its high foot traffic make these retail units an attractive long-term investment.

Lim highlights the consistent crowds that the basement food court attracts daily, making it a highly profitable investment opportunity. The guide price for the food court is set at $25.43 million, while the entire portfolio of 14 retail units is available at an asking price of $52.6 million.

Individual strata retail units within the portfolio are priced from $1.1 million onwards. Both foreigners and companies are eligible to purchase, and no additional buyer’s or seller’s stamp duty will be imposed. Lim also highlights the scarcity value of prime strata freehold retail assets. She adds that URA’s regulations prohibiting further subdivision of commercial properties along Orchard Road make these assets highly sought-after among investors.

Lim expects the planned revitalisation of the Orchard precinct by URA to provide further upside for Lucky Plaza in terms of rental growth and capital appreciation. For potential investors, this presents not only a lucrative opportunity but also a chance to be part of the planned rejuvenation of one of Singapore’s most iconic shopping districts.