An opportunity to acquire a portfolio of freehold strata retail units at Lucky Plaza is now available for investment at $52.6 million, with Savills Singapore acting as the exclusive marketing agent. Located on the highly coveted Orchard Road, Lucky Plaza is a mixed-use development comprising a residential tower and a six-storey mall with a basement.
The portfolio up for sale consists of 14 retail units, spanning the basement and the first two levels of the mall. These units vary in size from 118 to 3,046 sq ft, making up 7,266 sq ft of strata area in total. According to Savills Singapore, the highlight of this offering is a food court that encompasses seven adjacent strata units, covering a total of 3,046 sq ft and accommodating 11 stalls. The remaining retail units are currently tenanted by a variety of businesses, including a pub, retail shops, beauty services, and a maid agency.
Sophia Lim, Director of Investment Sales and Capital Markets at Savills Singapore, predicts that the retail units will benefit from the high foot traffic in Lucky Plaza due to its prime location. “The basement food court, in particular, benefits from consistently strong crowds daily,” she adds.
The guide price for the food court is set at $25.43 million, while the entire portfolio can be acquired for an asking price of $52.6 million. Meanwhile, individual strata retail units are priced from $1.1 million onwards. Both foreigners and companies are eligible to purchase, and no additional buyer’s or seller’s stamp duty will be imposed.
Lim believes that prime strata freehold retail assets are highly coveted by investors due to their scarcity, and the Urban Redevelopment Authority’s (URA) prohibition on further strata subdivision of commercial properties along Orchard Road. She also expects that the planned revitalisation of the Orchard precinct by URA will provide further potential for rental growth and capital appreciation at Lucky Plaza.