Pair of ground-floor shops at Lucky Plaza for sale at $11.4 mil
The offering signals confidence in demand for scarce freehold Orchard Road strata retail space and may attract investors and owner-occupiers seeking prominent F&B-approved units.
Two adjoining freehold ground-floor shops at Lucky Plaza, totalling 882 sq ft, are offered at $11.4 million, or just under $13,000 psf.
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A pair of adjoining freehold strata shops at Lucky Plaza have been launched for sale through an expression of interest (EOI) exercise that will close at 12pm on Oct 15. The shops have a guide price of $11.4 million.
The shops are located on the ground floor and both have F&B approval. They may be purchased individually or collectively, with each unit priced from $5.7 million, said marketing agent CBRE in a Sept 14 release.
Each unit has a strata area of approximately 441 sq ft, which means the pair have a total strata area of 882 sq ft. The guide price works out to just under $13,000 psf based on the strata area.
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The combined units have a street frontage spanning 7m along Orchard Road, noted Joshua Giam, director of capital markets for Singapore at CBRE. “Given the property’s prominent frontage and high visibility, we believe it is well-positioned to command a premium,” he added.
Caveats lodged with URA show that the most recent transaction for a ground-floor unit at Lucky Plaza occurred in September last year, when a shop changed hands for $2.68 million, or $17,784 psf on its 151 sq ft strata area. Before that, a 689 sq ft unit fetched $10.5 million ($15,242 psf) in January 2024.
Giam expects the shops up for sale to receive strong interest from both investors and owner-occupiers. “Freehold strata retail opportunities within the Orchard Road precinct are exceptionally scarce, particularly following URA’s restrictions on further strata subdivision of commercial properties,” he said.
Completed in 1981, Lucky Plaza is a freehold mixed-use development comprising commercial and residential components along Orchard Road. The strata-titled project is a few minutes’ walk from Orchard MRT Station, which serves the North-South and Thomson-East Coast lines. It is also close to Tang Plaza, Ion Orchard and Paragon.