Savills Singapore, one of the leading marketing agents in the real estate industry, is offering a portfolio of freehold strata retail units located in Lucky Plaza at a total price of $52.6 million. The mixed-use development, situated at the prime location of Orchard Road, comprises a residential tower and a six-storey mall, including a basement.
The portfolio includes 14 retail units, ranging from 118 to 3,046 sq ft, spread across the basement and the first two levels of the mall. These units cover a total strata area of 7,266 sq ft. Among these, the most noteworthy feature is a food court, occupying seven adjoining strata units with a total size of 3,046 sq ft and accommodating eleven stalls. The remaining retail units are currently leased to a variety of businesses, including a pub, retail shops, beauty service providers, and a maid agency.
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Sophia Lim, the director of investment sales and capital markets at Savills Singapore, highlights that the prominent location of Lucky Plaza will benefit these retail units with high foot traffic. She specifically points out that the food court in the basement attracts a consistent flow of customers on a daily basis, making it a standout feature of this offering.
The guide price for the food court is set at $25.43 million, while the entire portfolio is available for an asking price of $52.6 million. In addition, individual strata retail units are also up for sale, starting from $1.1 million. Foreigners and companies are both eligible to purchase these units, and there will be no additional buyer’s or seller’s stamp duty imposed on the transaction.
Lim further mentions that investors are showing a keen interest in prime strata freehold retail assets, given their scarcity and URA’s policy of not allowing further subdivision of commercial properties along Orchard Road. Additionally, with URA’s planned rejuvenation of the Orchard precinct, Lucky Plaza’s rental growth and capital appreciation are expected to experience an upsurge in the future.
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