Freehold Strata Retail Unit Lucky Plaza Sale 32 Mil
A retail unit located in the heart of Lucky Plaza shopping mall on Orchard Road is now up for sale. As the third largest unit within the development, this freehold property spanning 8,848 square feet is expected to attract plenty of attention from potential buyers. JLL, the exclusive marketing agent for the property, has set an indicative price of $32 million, translating to $3,617 per square foot on the strata area.
Conveniently located on the sixth floor, the unit boasts direct lift and escalator access. Currently, the entire space is occupied by two separate retail operators and will be sold with the existing tenancies in place. The property is open for purchase to foreigners and entities, without incurring additional buyer’s stamp duty or seller’s stamp duty.
According to Terry Wong, senior director of capital markets at JLL, the rarity of such units, as well as their large sizes, means that these assets are seldom traded. The wide frontage and generous size of this unit offer the future owner the opportunity to potentially divide the space into smaller units.
Lucky Plaza, a mixed-use development which comprises 30 storeys, was built in 1978. It consists of 22 storeys of apartments and a six-storey retail podium, including a basement. The development enjoys direct underground access to Orchard MRT Station, which is served by the North-South and Thomson-East Coast Lines.
Based on available caveats, EdgeProp Buddy tool shows that the most recent commercial transaction at Lucky Plaza was a basement unit measuring 172 square feet, which was sold for $1.39 million ($8,064 psf) in April. In March, a third-floor unit measuring 312 square feet changed hands for $2.4 million ($7,688 psf) prior to that. Interested buyers can look up the latest listings for Lucky Plaza commercial real estate properties using the EdgeProp Buddy tool.
EdgeProp Buddy tool also allows users to view price trend charts and sale transactions for Lucky Plaza, making it easier to compare prices with nearby properties. Users can also find out more about the buyer profile and which condo projects in District 9 have the most unprofitable transactions. The price trend chart helps users easily analyse the price movement over time.
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