Freehold strata shop unit at Lucky Plaza for sale at $16,100 psf
Completed in 1981 by Far East Organization, Lucky Plaza is a freehold mixed-use development making up retail outlets, F&B shops, health care facilities, along with household apartments. The stores along with commercial units take up a seven-storey podium, while the non commercial units occupy the ninth to 30th levels.
The mall is near sites include Tang Plaza, Wisma Atria, Ion Orchard, Ngee Ann City Shopping Centre, and The Paragon. Behind it are Mount Elizabeth Medical center and also upscale apartments throughout Mount Elizabeth and Cairnhill Roadway.
Until now, there have been 3 resales at Lucky Plaza. One of the most latest was a 420 sq ft unit on the 3rd floor that switched hands for $3.3 million ($7,861 psf) on May 11.
The store unit indulges in a popular front view facing the pedestrian path, and its raised position above the street level provides top visibility to passerbies and motor vehicles along Orchard Roadway. The unit is also close to the major entrance of the shopping mall, as well as the taxi stand also drop-off spot providing the building.
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 upon its floor area of 441 sq ft.
A tabulation of business resell warnings in between August 2022 and August this year by EdgeProp Singapore proves that the standard rate of shop units at Lucky Plaza is approximately $5,566 psf. Indicative rental fees vary between $2.80 and $19.90 psf each month. This implies an average 2.4% rental turnout for outlet unit landlords.
Lucky Plaza pulls in fresh shoppers and also investors whenever brand-new units become available. Based on URA cautions, seven outlet units successfully shifted hands last year. The deals varied from the revenue of a 538 sq ft unit on the fourth floor for $2.8 million ($5,209 psf) on Dec 7, to the sale of a 129 sq ft unit on the third floor for $1.05 million ($8,129 psf) on April 21.
Karen Ker, associate supervisor of auction and sales at promotional agent Knight Frank, states the unit will definitely be featured with an occupancy that concludes on Nov 30. In addition, GST is not owed on the purchase, and the sale will not get additional customer’s stamp duty or supplier’s stamp responsibility.
A store unit on the ground level of Lucky Plaza us going to be placed on the neighborhood at Knight Frank’s upcoming auction sale on Sept 19.
