Freehold strata shop unit at Lucky Plaza for sale at $16,100 psf
The store unit enjoys a popular frontage in front of the pedestrian pathway, as well as its raised setting over the street level gives high visibility to pedestrians along with motor vehicles along Orchard Road. The unit is in addition near the major entryway of the shopping mall, alongside the taxi stand also drop-off point providing the building.
Karen Ker, assistant supervisor of auction and also sales at promotional agent Knight Frank, states the unit will definitely be presented with a tenancy that concludes on Nov 30. On top of that, GST is not owed on the purchase, and the sale will certainly not acquire added customer’s stamp duty or dealer’s stamp obligation.
Completed in 1981 by Far East Organization, Lucky Plaza is an estate mixed-use project consisting of retail stores, F&B shops, medical facilities, and non commercial residences. The stores along with industrial units occupy a seven-storey podium, while the non commercial units inhabit the ninth to 30th levels.
A tabulation of commercial resale signs between August 2022 and August this year by EdgeProp Singapore proves that the standard rate of store units at Lucky Plaza is around $5,566 psf. Suggestive rental fees differ in between $2.80 and $19.90 psf monthly. This suggests a typical 2.4% rental yield for outlet unit landlords.
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The shopping center is close to landmarks include Tang Plaza, Wisma Atria, Ion Orchard, Ngee Ann City Mall, and The Paragon. Behind it are Mount Elizabeth Hospital and even high end flats throughout Mount Elizabeth including Cairnhill Roadway.
An owner’s sale, the estate unit on Orchard Roadway has a guide rate of $7.1 million. This works out to roughly $16,100 psf based on its floor area of 441 sq ft.
A store unit on the ground level of Lucky Plaza will be placed on the block at Knight Frank’s upcoming auction sale on Sept 19.
Until now, there have been 3 resales at Lucky Plaza. The most latest was a 420 sq ft unit on the 3rd floor that shifted hands for $3.3 million ($7,861 psf) on May 11.
Lucky Plaza attracts fresh purchasers and investors every time brand-new units become available. Based on URA cautions, 7 store units effectively shifted hands last year. The purchases ranged 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 level for $1.05 million ($8,129 psf) on April 21.
