Freehold strata shop unit at Lucky Plaza for sale at $16,100 psf
The shopping center is near sites like Tang Plaza, Wisma Atria, Ion Orchard, Ngee Ann City Mall, as well as The Paragon. Behind it are Mount Elizabeth Medical center and even upscale apartments along Mount Elizabeth and Cairnhill Roadway.
Karen Ker, associate supervisor of auction sale and sales at promotional agent Knight Frank, claims the unit will be presented with a tenancy that concludes on Nov 30. On top of that, GST is not payable on the purchase, and the sale will certainly not acquire additional buyer’s stamp responsibility or supplier’s stamp duty.
Finished in 1981 by Far East Organization, Lucky Plaza is an estate mixed-use property development consisting of retail outlets, F&B outlets, medical centres, also residential condos. The stores and commercial units take up a seven-storey podium, while the residential units inhabit the 9th to 30th floors.
Lucky Plaza entices new buyers and also clients every time new units become available. Based on URA caveats, seven shop units successfully shifted hands in 2022. The purchases varied from the revenue of a 538 sq ft unit on the 4th level for $2.8 million ($5,209 psf) on Dec 7, to the sale of a 129 sq ft unit on the 3rd flooring for $1.05 million ($8,129 psf) on April 21.
An owner’s sale, the freehold unit on Orchard Road has a guide rate of $7.1 million. This works out to roughly $16,100 psf accorded to its flooring area of 441 sq ft.
A tabulation of commercial resale warnings in between August 2022 and August this year by EdgeProp Singapore presents that the normal rate of shop units at Lucky Plaza is about $5,566 psf. Suggestive rentals vary in between $2.80 and $19.90 psf monthly. This suggests a standard 2.4% rental return for outlet unit proprietors.
Up until now, there have been 3 resellings at Lucky Plaza. The most current was a 420 sq ft unit on the 3rd flooring that changed hands for $3.3 million ($7,861 psf) on May 11.
The shop unit indulges in a popular frontage across the pedestrian pathway, as well as its elevated setting on top of the street level provides uplifted visibility to walkers along with cars along Orchard Roadway. The unit is in addition near the main entrance of the mall, alongside the taxi stand plus drop-off point serving the building.
A shop unit on the ground level of Lucky Plaza will most likely be placed on the neighborhood at Knight Frank’s coming auction sale on Sept 19.
