Freehold strata shop unit at Lucky Plaza for sale at $16,100 psf
Completed in 1981 by Far East Organization, Lucky Plaza is a property mixed-use property development making up retail industry stores, F&B shops, health care facilities, and non commercial condos. The stores along with industrial units take up a seven-storey platform, while the residential units inhabit the ninth to 30th floors.
A store unit on the ground level of Lucky Plaza will most likely be put on the neighborhood at Knight Frank’s coming auction sale on Sept 19.
The store unit indulges in a prominent front view facing the pedestrian path, as well as its elevated position over the street level provides top visibility to pedestrians and vehicles along Orchard Roadway. The unit is even close to the primary entryway of the shopping mall, alongside the taxi stand and drop-off spot serving the building.
Lucky Plaza entices new purchasers and real estate investors whenever new units appear. Based on URA caveats, seven shop units effectively shifted hands in 2022. The transactions ranged from the transaction of a 538 sq ft unit on the 4th ground for $2.8 million ($5,209 psf) on Dec 7, to the sale of a 129 sq ft unit on the third flooring for $1.05 million ($8,129 psf) on April 21.
Until now, there have actually been three resellings at Lucky Plaza. One of the most latest was a 420 sq ft unit on the third floor that switched hands for $3.3 million ($7,861 psf) on May 11.
Karen Ker, assistant supervisor of auction also sales at marketing representative Knight Frank, claims the unit is going to be featured with a tenancy that ends on Nov 30. Additionally, GST is not owed on the deal, and the sale will certainly not acquire extra purchaser’s stamp obligation or seller’s stamp responsibility.
An owner’s sale, the estate unit on Orchard Road has a guide rate of $7.1 million. This figures out to around $16,100 psf based on its floor area of 441 sq ft.
The shopping mall is nearby landmarks just like Tang Plaza, Wisma Atria, Ion Orchard, Ngee Ann City Shopping Centre, and also The Paragon. Behind it are Mount Elizabeth Medical center and even upscale apartments around Mount Elizabeth and Cairnhill Road.
A tabulation of business resale caveats between August 2022 and August this year by EdgeProp Singapore shows that the common price of shop units at Lucky Plaza is about $5,566 psf. Suggestive rentals differ around $2.80 and $19.90 psf per month. This implies an average 2.4% rental return for outlet unit proprietors.