Savills Singapore has listed a portfolio of prime freehold strata retail units in Lucky Plaza for sale. The well-known mixed-use development, situated at Orchard Road, comprises a residential tower and a six-storey mall complete with a basement.
The portfolio includes 14 retail units, varying in size from 118 to 3,046 sq ft, located across the basement and the first two levels of the mall. In total, they make up 7,266 sq ft of strata area.
According to the marketing agent, the “standout feature” of the offering is a food court spanning seven adjoining strata units, totaling 3,046 sq ft, and accommodating 11 stalls. The remaining retail units are currently tenanted by a mix of businesses including a pub, retail shops, beauty service providers, and a maid agency.
Sophia Lim, Savills Singapore’s director of investment sales and capital markets, expects the retail units to benefit from high foot traffic due to their location in Lucky Plaza. “The basement food court, in particular, benefits from consistently strong crowds daily,” she adds.
The guide price for the food court stands at $25.43 million, while the entire portfolio is available at an asking price of $52.6 million. 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.
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Lim notes that prime strata freehold retail assets are becoming highly sought-after among investors due to their scarcity and 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 provide further upside for Lucky Plaza in terms of rental growth and capital appreciation.