A portfolio of freehold strata retail units in Lucky Plaza is available for purchase at a total price of $52.6 million through Savills Singapore, the marketing agent. Lucky Plaza, situated on Orchard Road, is a mixed-use development consisting of a six-storey mall with a basement and a residential tower.
The portfolio comprises 14 retail units on the basement and first two levels of the mall, ranging in size from 118 to 3,046 sq ft. In total, the units occupy a strata area of 7,266 sq ft. According to Savills Singapore, the most distinctive feature of the offering is the food court, which spans seven adjoining strata units totalling 3,046 sq ft and houses 11 stalls. The remaining units are currently occupied by a variety of businesses, including a pub, retail stores, beauty services, and a maid agency.
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Sophia Lim, the director of investment sales and capital markets at Savills Singapore, believes that the retail units will benefit from the high foot traffic in Lucky Plaza. “In particular, the basement food court benefits from consistently strong crowds daily,” she adds.
The guide price for the food court is $25.43 million, while the entire portfolio is available for an asking price of $52.6 million. On the other hand, individual strata retail units start from $1.1 million. Foreigners and companies are eligible for purchase, and there will be no additional buyer’s or seller’s stamp duty.
Lim believes that prime strata freehold retail assets are becoming increasingly sought-after among investors due to their rarity and URA’s prohibition on further division of commercial properties along Orchard Road. She expects the URA’s planned revitalization of the Orchard precinct to offer Lucky Plaza significant upside in terms of rental growth and capital appreciation.
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Singapore has a thriving real estate market that attracts foreign investors due to its stability and growth potential. However, it is crucial for these investors to have a thorough understanding of the regulations and restrictions that govern property ownership in the country. Compared to landed properties, which have stricter rules for ownership, foreigners are generally allowed to purchase condos with less restrictions. Despite this, foreign buyers are still required to pay an Additional Buyer’s Stamp Duty (ABSD) of 20% for their first property purchase. This can be a significant additional cost, but many foreign investors are still drawn to the Singapore real estate market for its potential for growth and success. With the constant launch of new condos, such as those found on New Condo Launches, foreign investors have a wide range of options to choose from and invest in.
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In summary, a portfolio of freehold strata retail units in Lucky Plaza is now up for sale through Savills Singapore for a total of $52.6 million. The portfolio includes 14 retail units varying in size from 118 to 3,046 sq ft, occupying a total strata area of 7,266 sq ft. The highlight of the portfolio is a food court with 11 stalls and consistently high foot traffic. The guide price for the food court is $25.43 million, while the entire portfolio is available for an asking price of $52.6 million. Prime freehold strata retail assets are in high demand, and the planned revitalization of the Orchard precinct is expected to bring further upside for Lucky Plaza in terms of rental growth and capital appreciation.