Three units at Orchard shopping mall up for sale

Indicative price sits at $18m for the three units.

Three adjoining freehold ground floor retail strata units located at Lucky Plaza, an iconic shopping mall situated along the Orchard Road shopping belt were put into sale through a tender exercise.

According to JLL, Lucky Plaza is a freehold mixed-use development consisting of a seven-storey retail podium and a 30-storey residential block built in the 1980s. 

Prominently located on the ground floor of Lucky Plaza, the Subject Property consists of three adjoining retail units with total strata area of 1,561 sq ft. The strata retail units are being offered for sale with vacant possession. The units are to be sold collectively. Whilst the units are approved for “Medical Centre” use, change of use to “Restaurant” or “Retail” may be considered, subject to approval from the relevant authorities. The units are well equipped with water and drainage point fit for F&B use.

The three units occupy a prime location next to the side entrance of Lucky Plaza and directly fronting the escalator linking Basement 1 and Ground floor. The units possess a prominent main road frontage facing Mount Elizabeth Road, presenting the new owner or tenant an excellent marketing avenue.

"As Singapore’s prime shopping belt, constant efforts are undertaken by the Government to maintain a competitive retail landscape in Orchard Road. In recent years, there have been several government initiatives introduced to inject more vibrancy into the district. For example, ‘Pedestrian Night on Orchard’ was introduced, whereby a stretch of Orchard road will be open to pedestrians for various activities on the first Saturday of every month," JLL said.

Previous transactions in Lucky Plaza include two ground floor units sold in 2015 and 2014 at $10,098 per sq ft and $10,485 per sq ft respectively.

The indicative guide price for the Subject Property is in the region of $18m, which reflects about $11,531 psf on the existing strata area.

As the Property sits on land zoned for commercial use, foreigners are eligible to purchase the Property. There is no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) imposed on the purchase of the Property.

The Public Tender closes on August 3.