Freehold strata shop unit at Lucky Plaza for sale at $16,100 psf
The mall is near landmarks include Tang Plaza, Wisma Atria, Ion Orchard, Ngee Ann City Shopping Center, and also The Paragon. Behind it are Mount Elizabeth Medical center and upscale condominiums throughout Mount Elizabeth including Cairnhill Roadway.
A tabulation of commercial resale signs between August 2022 and August this year by EdgeProp Singapore proves that the normal rate of outlet units at Lucky Plaza is around $5,566 psf. Suggestive rents can vary between $2.80 and $19.90 psf per month. This suggests a standard 2.4% rental return for shop unit proprietors.
The shop unit indulges in a famous front view in front of the pedestrian pathway, and its raised position over the street level supplies top visibility to pedestrians and vehicles along Orchard Road. The unit is also near the major entry of the shopping center, alongside the taxi stand also drop-off spot providing the establishment.
Lucky Plaza pulls in new purchasers and also clients when brand-new units appear. Based on URA caveats, seven outlet units efficiently changed hands last year. The transactions varied from the revenue of a 538 sq ft unit on the 4th ground 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.
A proprietor’s sale, the freehold unit on Orchard Road has an overview cost of $7.1 million. This calculates to approximately $16,100 psf based upon its flooring area of 441 sq ft.
Karen Ker, assistant manager of auction also sales at promotional representative Knight Frank, says the unit will definitely be presented with an occupancy that finishes on Nov 30. On top of that, GST is not owed on the transaction, and the sale will certainly not incur extra buyer’s stamp responsibility or dealer’s stamp duty.
Up until now, there have been 3 resells at Lucky Plaza. One of the most recent was a 420 sq ft unit on the third floor that switched hands for $3.3 million ($7,861 psf) on May 11.
Completed in 1981 by Far East Organization, Lucky Plaza is a freehold mixed-use project making up retail industry outlets, F&B outlets, health-related centres, along with residential condos. The stores and commercial units take up a seven-storey platform, while the housing units occupy the 9th to 30th floors.
A store unit on the ground level of Lucky Plaza us going to be put on the block at Knight Frank’s future auction on Sept 19.