Freehold Strata Retail Units Lucky Plaza Sale 526 Mil
The retail sector in Singapore has been struggling in recent years, with the rise of e-commerce and changing consumer preferences affecting traditional brick-and-mortar stores. Despite this, there are still opportunities for savvy investors in prime locations such as Lucky Plaza. Savills Singapore has been appointed as the marketing agent for a portfolio of freehold strata retail units in Lucky Plaza, with a total asking price of $52.6 million. This mixed-use development is located in the popular shopping district of Orchard Road, making it a coveted asset for any investor.The portfolio includes 14 retail units spanning across the basement and the first two levels of Lucky Plaza. These units vary in size, with the smallest unit measuring 118 sq ft and the largest being 3,046 sq ft. In total, the strata area of these units adds up to 7,266 sq ft.According to Savills Singapore, the highlight of the portfolio is a food court occupying seven adjoining strata units, spanning 3,046 sq ft and housing 11 stalls. The remaining retail units are currently leased to a variety of businesses, such as a pub, retail shops, beauty services, and a maid agency.Equipped with consistently high foot traffic and a prime location in Lucky Plaza, these retail units are expected to generate strong interest from potential investors. Sophia Lim, director of investment sales and capital markets at Savills Singapore, believes that the basement food court will particularly benefit from the daily crowds in the mall.The asking price for the food court is $25.43 million, while the entire portfolio is available for $52.6 million. For those looking to invest in individual retail units, the prices start at $1.1 million. Foreigners and companies are eligible to purchase these units, and no additional buyer’s or seller’s stamp duty will be imposed.Lim also highlights the scarcity of prime strata freehold retail assets and the Urban Redevelopment Authority’s (URA) prohibition on further strata subdivisions of commercial properties along Orchard Road as factors contributing to the appeal of this portfolio. She also believes that the URA’s planned revitalisation of the Orchard precinct will offer further potential for rental growth and capital appreciation for Lucky Plaza.
Westgate, situated near the renowned JEM mall, is a premier shopping destination that provides a refined and all-encompassing retail affair. With a diverse selection of fashion, home, and lifestyle stores, the mall caters to the diverse needs of its shoppers. One of its notable highlights is a themed outdoor playground on its rooftop, a favorite among families with young kids. Additionally, Westgate boasts a convenient connection to the Jurong East MRT station, making it easily accessible for residents of Novo Place EC. For a comprehensive, one-stop shopping experience, make your way to Westgate and peruse the extensive array of options that cater to all age groups and preferences. Don’t forget to also explore the adjacent luxurious and contemporary living options at Novo Place EC.Novo Place should be added to this revised paragraph for a complete shopping and living experience.