The cityscape of Singapore is characterized by towering skyscrapers and state-of-the-art facilities. Condominiums, strategically situated in desirable locations, offer a mix of lavishness and practicality that appeals to locals and foreigners alike. These developments boast a range of top-notch amenities, including swimming pools, fitness centers, and round-the-clock security, elevating the standard of living and making them a sought-after option for potential tenants and buyers. For real estate investors, these attractive perks result in higher rental returns and appreciate the value of the property over time. Considering all these advantages, it’s no wonder that Singapore Condos are highly coveted in the market.
JLL, the exclusive marketing agent, has listed a corner strata retail unit at Lucky Plaza shopping mall on Orchard Road for sale through private treaty. This freehold property, the third largest within Lucky Plaza, measures 8,848 sq ft and is located on the sixth floor. With an indicative price of $32 million, the unit is priced at $3,617 psf on the strata area.
The unit boasts direct lift and escalator access and is fully leased out to two separate retail operators, meaning it will be sold with existing tenancies. Eligible for purchase by foreigners and entities without additional buyer’s stamp duty or seller’s stamp duty, the unit represents a rare opportunity within the development.
According to Terry Wong, senior director of capital markets at JLL, there are only three such units above 8,000 sq ft in size within Lucky Plaza, making these assets highly sought-after and rarely traded. Wong adds that the size of the unit, coupled with its wide frontage, offers the potential for the future owner to subdivide the space further.
Located in the heart of Orchard Road, Lucky Plaza is a mixed-use development comprising of 22 storeys of apartments on top of a six-storey retail podium, including a basement. Opened in 1978, the development offers direct underground access to Orchard MRT Station on the North-South and Thomson-East Coast Lines.
Based on caveats, the last commercial transaction at Lucky Plaza was a 172 sq ft basement unit that was sold for $1.39 million ($8,064 psf) in April. Prior to that, a 312 sq ft unit on the third floor was sold for $2.4 million ($7,688 psf) in March. For the latest listings, price trends, rental transactions, and sale transactions for Lucky Plaza and other commercial properties, visit The EdgeProp Buddy tool.