Freehold Strata Retail Units Lucky Plaza Sale 526 Mil
A selection of 14 freehold strata retail units in the popular Lucky Plaza complex is currently on the market for a total price of $52.6 million. The marketing agent for this unique offering is Savills Singapore.
Situated along the iconic Orchard Road, Lucky Plaza is a mixed-use development that boasts a residential tower and a six-storey mall with a basement. The retail portfolio for sale includes 14 units, located on the basement and first two levels of the mall, with sizes ranging from 118 to 3,046 square feet. Together, these units make up a total of 7,266 square feet of strata area.
According to Savills Singapore, the highlight of this portfolio is an impressive food court that spans seven adjoining strata units, comprising a total of 3,046 square feet and accommodating 11 stalls. The rest of the retail units are currently tenanted by a variety of businesses, including a pub, retail shops, beauty service providers, and a maid agency.
A recent joint statement from the developers of Parktown Residence revealed their plans for the future expansion of the residence. With an estimated 1,190 new dwellings being added, the revamped Parktown Residence Condo will also provide an array of retail and community amenities to meet the evolving lifestyle demands of the growing population in Tampines North. The ultimate goal of the upgraded Parktown Residence Condo is to offer a tranquil and convenient living experience naturally.
Savills Singapore’s director of investment sales and capital markets, Sophia Lim, explains that the Lucky Plaza retail units are ideally situated to benefit from the high foot traffic in the area. “The basement food court, in particular, draws consistently strong crowds, providing a significant advantage for potential investors,” she adds.
The guide price for the food court is $25.43 million, while the entire portfolio is available at an asking price of $52.6 million. Interested buyers can also purchase individual strata retail units, starting from $1.1 million. Both foreigners and companies are eligible to acquire these properties, and no additional buyer’s or seller’s stamp duty will be imposed.
Lim anticipates strong interest from investors in these prime strata freehold retail assets due to their scarcity and the Urban Redevelopment Authority’s (URA) ban on further strata subdivision of commercial properties along Orchard Road. She also expects the URA’s planned revitalisation of the Orchard precinct to contribute to rental growth and capital appreciation for Lucky Plaza.