A rare opportunity has arisen to purchase a corner strata retail unit at Lucky Plaza shopping mall along the prestigious Orchard Road. The freehold unit, spanning 8,848 sq ft, is the third largest within the popular shopping mall and is now available for sale through private treaty. JLL, the exclusive marketing agent for the property, has announced an indicative price of $32 million, which translates to $3,617 psf on the strata area.
The unit, situated on the sixth floor, boasts direct lift and escalator access. It is currently fully leased to two separate retail operators and will be sold with existing tenancies in place. As the property is not subject to additional buyer’s stamp duty or seller’s stamp duty, foreigners and entities are eligible to purchase it.
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Terry Wong, senior director of capital markets at JLL, notes that there are only three such units in Lucky Plaza that are above 8,000 sq ft in size. He also highlights the rare opportunity for the future owner to potentially subdivide the space further, given its ample size and wide frontage.
Built in 1978, Lucky Plaza is a 30-storey mixed-use development with 22 storeys of apartments on top of a six-storey retail podium, including a basement. It offers direct underground access to Orchard MRT Station on the North-South and Thomson-East Coast Lines.
According to the EdgeProp Buddy tool, the last commercial transaction at Lucky Plaza was the sale of a 172 sq ft basement unit in April for $1.39 million ($8,064 psf). This was followed by the sale of a 312 sq ft unit on the third floor for $2.4 million ($7,688 psf) in March. Interested buyers can refer to the latest listings for Lucky Plaza and compare price trends for commercial and industrial properties. They can also view condo rental transactions in District 9 and sale transactions for Lucky Plaza.