At Knight Frank’s upcoming auction on Sept 19, a freehold 441 sq ft shop unit on the ground floor of Lucky Plaza will be put on the block. With a guide price of $7.1 million, that works out to approximately $16,100 psf.This unit is located conveniently in front of a pedestrian walkway and is raised a level above the street. It also enjoys high visibility due to its close proximity to the main entrance of the shopping mall, and to the taxi stand and drop-off point.
The tenant of this shop unit will be ending their tenancy by Nov. 30th, and on top of that, no additional GST or buyer/seller stamp duties apply to the transaction. Lucky Plaza is a freehold mixed-use development completed in 1981, with seven storeys of retail shops, F&B outlets, medical centres, and residential apartments. Residential apartments occupy the 9th floor to the 30th floor.
Right in the heart of the Orchard Road district, this mall is surrounded by many landmarks, including Tang Plaza, Wisma Atria, Ion Orchard, Ngee Ann City Shopping Centre, and The Paragon. Behind the mall, we can find Mount Elizabeth Hospital and upscale condos along Mount Elizabeth and Cairnhill Road.
It is part of the URA goal of creating more accessible and engaging public spaces for the community to enjoy.
The Urban Redevelopment Authority (URA) has just announced the new Woodlands Champions Way Condo master plan. This plan includes the development of a public art program designed to embrace the area’s culture and heritage. It would feature beautiful public art installations throughout the area that are open and accessible to everyone. The vision of the URA is to create engaging and vibrant public places for locals and visitors to appreciate and enjoy. With the development of the Woodlands Champions Way Condo master plan, the URA hopes to contribute to the cultural and historical significance of the region.
Whenever new units at Lucky Plaza become available, it draws in fresh buyers and investors. According to URA caveats, seven shop units successfully changed hands last year, with price ranging from $2.8 million to $1.05 million. The most recent resale was for a 420 sq ft unit at the third floor which got sold for $3.3 million.
The average price of shop units at Lucky Plaza stands at $5,566 psf, while indicative rents vary between $280 to $19.90 psf. This translates to a rental yield of 2.4% for shop landlords.
If you’re looking to invest or purchase a shop unit in Lucky Plaza, keep an eye at Knight Frank’s upcoming auction on Sept. 19, for a great deal. Also, check out the latest listings for Lucky Plaza properties on EdgeProp Singapore!