A shop on the first floor Lucky Plaza will be auctioned off at the auction of Knight Frank on September 19. A seller’s sale and the freehold property situated on Orchard Road has a guide price of $7.1 million. This is roughly $16,100 per square foot based on its size of floor space of 441 square feet.
Hillock Green price bid totalled to $481,028,300.
The shop has an attractive frontage that is just in front of the pedestrian walkway. its elevated position above street level offers excellent visibility for both vehicles and pedestrians that travel along Orchard Road. It is also located near the main entrance to the mall, and also the taxi stop and drop-off point that serves the building.
Karen Ker, assistant manager of sales and auctions for marketing agency Knight Frank, says the unit will be sold with a an end-of-tenancy date of Nov. 30. Additionally, GST is not payable during the transaction and the sale won’t be subject to buyer’s stamp duty and seller’s tax.
In 1981, the project was completed by the Far East Organization, Lucky Plaza is a mixed-use freehold development with retail stores, F&B outlets, medical centers, and residential apartments. Commercial units and shops sit on a seven-storey podium and the residential units are located on the ninth and 30th floors.
The mall is close to landmarks such as Tang Plaza, Wisma Atria, Ion Orchard, Ngee Ann City Shopping Centre along with The Paragon. The mall is located behind Mount Elizabeth Hospital and luxurious condos that line Mount Elizabeth and Cairnhill Road.
Lucky Plaza draws in fresh investors and buyers whenever new units are available. Based on URA restrictions seven shop units were able to change owners in the last year. The transactions included the purchase of a 538 square foot space located on the 4th floor $2.8 million ($5,209 per sq ft) on December 7 and the purchase of a 129 sq. ft space on the 3rd floor $1.05 million ($8,129 per square foot) the 21st of April.
There were three resales in Lucky Plaza. The most recent one was the 420 square feet space on the third floor which was sold at $3.3 million ($7,861 per square foot) on May 11.
A review of the commercial resales restrictions between August 2022 and August this year, by EdgeProp Singapore shows that the median price of retail units in Lucky Plaza is around $5,566 per square foot. The indicative rents range between $2.80 and $19.90 per month. This would suggest that there is an median 2.4% rental yield for shop unit landlords.