Freehold strata shop unit at Lucky Plaza for sale at $16,100 psf
A shop unit on the ground floor of Lucky Plaza will most likely be put on the block at Knight Frank’s upcoming auction sale on Sept 19.
Finished in 1981 by Far East Organization, Lucky Plaza is a freehold mixed-use project comprising retail outlets, F&B shops, health-related facilities, and household condos. The stores along with industrial units occupy a seven-storey platform, while the housing units occupy the ninth to 30th floors.
Lucky Plaza entices new purchasers as well as clients every time brand-new units appear. Based on URA cautions, 7 store units efficiently changed hands in 2022. The deals varied from the sale of a 538 sq ft unit on the fourth ground for $2.8 million ($5,209 psf) on Dec 7, to the sale of a 129 sq ft unit on the 3rd level for $1.05 million ($8,129 psf) on April 21.
So far, there have been 3 resales at Lucky Plaza. The most latest was a 420 sq ft unit on the 3rd flooring that shifted hands for $3.3 million ($7,861 psf) on May 11.
A tabulation of commercial resell signs between August 2022 and August this year by EdgeProp Singapore shows that the common rate of shop units at Lucky Plaza is about $5,566 psf. Suggestive rentals can vary around $2.80 and $19.90 psf monthly. This implies an average 2.4% rental return for store unit property owners.
The store unit takes pleasure in a popular frontage in front of the pedestrian path, and its elevated placement on top of the street level supplies uplifted view to pedestrians and motor vehicles along Orchard Roadway. The unit is also near to the primary entry of the mall, as well as the taxi stand and drop-off point serving the building.
The mall is near spots just like Tang Plaza, Wisma Atria, Ion Orchard, Ngee Ann City Mall, as well as The Paragon. Behind it are Mount Elizabeth Medical center and upscale flats around Mount Elizabeth and Cairnhill Roadway.
Karen Ker, associate manager of auction and sales at promotional agent Knight Frank, claims the unit will definitely be featured with an occupancy that ends on Nov 30. Additionally, GST is not owed on the purchase, and the sale will not get added buyer’s stamp obligation or supplier’s stamp obligation.
An owner’s sale, the estate unit on Orchard Road has a guide rate of $7.1 million. This figures out to about $16,100 psf based upon its floor area of 441 sq ft.