Savills Singapore, a leading real estate consultancy, has been appointed as the marketing agent for a portfolio of freehold strata retail units at Lucky Plaza. The mixed-use development, located on Orchard Road, includes a residential tower and a six-storey mall with a basement. The portfolio, which is available for sale at an asking price of $52.6 million, comprises 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 and collectively make up a strata area of 7,266 sq ft.
One of the standout features of the offering is a spacious food court, which spans seven adjoining strata units and occupies a total area of 3,046 sq ft. This food court is currently home to 11 different stalls and is expected to attract consistently high foot traffic, making it a valuable asset for any potential buyer.
In addition, the remaining retail units are currently tenanted by a diverse mix of businesses, including a pub, retail stores, beauty service providers, and a maid agency. According to Sophia Lim, the director of investment sales and capital markets at Savills Singapore, these retail units are expected to benefit from their prime location in Lucky Plaza, which is known for its high foot traffic and bustling atmosphere. She also highlights that the basement food court, in particular, enjoys heavy crowds on a daily basis.
The guide price for the food court is set at $25.43 million, while the entire portfolio is available for purchase at an asking price of $52.6 million. For those interested in acquiring individual strata retail units, prices start from $1.1 million. Both foreign individuals and companies are eligible to purchase these units, and no additional buyer’s or seller’s stamp duty will be imposed.
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Lim also notes that prime strata freehold retail units are highly sought-after among investors due to their scarcity, as well as the Urban Redevelopment Authority’s (URA) prohibition on further strata subdivision of commercial properties along Orchard Road. She adds that the ongoing revitalisation of the Orchard precinct by URA is expected to bring further rental growth and capital appreciation to Lucky Plaza, making it a lucrative investment opportunity.
For interested buyers, more information about the portfolio and individual units can be obtained through Savills Singapore.