Mar 6, 2018 6:00 AMPortfolio of freehold strata retail units in Lucky Plaza up for sale
A collection of freehold strata retail units located in Lucky Plaza has recently hit the market with a total asking price of $52.6 million. Savills Singapore has been appointed as the marketing agent for the portfolio sale. Situated in the prime location of Orchard Road, Lucky Plaza is a mixed-use development comprising a six-storey mall with a basement and a residential tower.
The portfolio consists of 14 retail units spread across the basement and first two levels of the mall, varying in size from 118 to 3,046 sq ft. In total, these units cover a strata area of 7,266 sq ft. According to Savills Singapore, the highlight of the offering is a food court, spanning seven adjoining strata units with a total area of 3,046 sq ft and accommodating 11 stalls. The remaining retail units are currently tenanted by various businesses such as a pub, retail shops, beauty service providers, and a maid agency.
Sophia Lim, director of investment sales and capital markets at Savills Singapore, is optimistic about high foot traffic at the retail units due to their strategic location in Lucky Plaza. “The basement food court, in particular, benefits from consistently strong crowds daily,” she said. The guide price for the food court stands at $25.43 million, while the entire portfolio is available for sale at $52.6 million.
Individual strata retail units are also available for purchase, with prices starting from $1.1 million. Both foreigners and companies are eligible to invest in the units, without the imposition of additional buyer’s or seller’s stamp duty.
Lim also highlighted the increasing demand for prime strata freehold retail assets among investors, given their rarity and the Urban Redevelopment Authority’s (URA) ban on further subdivision of commercial properties along Orchard Road. Furthermore, she believes that the planned revitalisation of the Orchard precinct by URA will provide an added advantage to Lucky Plaza in terms of rental growth and capital appreciation.
When making real estate investments, location is a key factor to consider, and this is even more important when it comes to properties in Singapore. Condos that are located in central areas or close to essential amenities, such as schools, shopping centers, and public transportation, generally have a higher appreciation in value. Some examples of prime locations in Singapore include Orchard Road, Marina Bay, and the Central Business District (CBD), where property values have consistently shown growth. The presence of quality schools and educational institutions in these areas also adds to the appeal of condos, making them a highly sought-after investment for families. If you are looking to invest in a property in Singapore, choosing a condo in a prime location, such as Condo, may prove to be a wise decision.
Take a look at some of the latest listings for Lucky Plaza properties
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