Savills Singapore is marketing a portfolio of freehold strata retail units in Lucky Plaza for sale, with a total asking price of $52.6 million. Located at Orchard Road, Lucky Plaza is a mixed-use development comprising a residential tower and a six-storey mall with a basement.
The portfolio features 14 retail units spread across the basement and the first two levels of the mall, ranging from 118 to 3,046 square feet in size. In total, these units make up a strata area of 7,266 square feet.
One of the most attractive features of this offering, according to Savills Singapore, is a food court that spans seven adjoining strata units and houses 11 separate stalls. The remaining retail units are currently tenanted by a diverse range of businesses, including a pub, retail shops, beauty service providers, and a maid agency.
Sophia Lim, director of investment sales and capital markets at Savills Singapore, believes that the retail units will benefit greatly from the high foot traffic in Lucky Plaza. She notes that the basement food court, in particular, sees consistently strong crowds daily.
The guide price for the food court stands at $25.43 million, while the entire portfolio is available for an asking price of $52.6 million. Interested buyers can also purchase individual strata units starting from $1.1 million. Both foreigners and companies are eligible to purchase, without incurring any additional buyer’s or seller’s stamp duty.
Securing financing for a
Lim also highlights that prime strata freehold retail assets are highly sought-after among investors due to their scarcity, as well as URA’s prohibition on further strata subdivision of commercial properties along Orchard Road. She expects the planned revitalisation of the Orchard precinct by URA to further benefit Lucky Plaza in terms of rental growth and capital appreciation.