Freehold Lucky Plaza retail unit being offered at an indicative guide price of $15 million

A ground-floor retail space at Lucky Plaza has been offered for sale via expressions of interest. The property is offered for sale at an estimated estimate of $15 million according to CBRE who is the sole agent in charge of the sale of the property.

The Reserve Residences Jalan Anak Bukit floor plan site is expected to yield up to 845 residential units with about 20,000 sqm set aside for commercial use.

If the unit is sold for this price that would be around $22,123 psf in the current strata area.

The 678 square feet retail space is situated near the main entrance to Lucky Plaza retail mall and is currently leased to a convenience store. It is a popular destination for shoppers because of its prominent position. According CBRE, the unit is located in a prominent area. CBRE the property has two frontages that runs on Orchard Road and the other in the mall’s inner arcade.

“This is a unique and exciting opportunity for owners and investors to buy the ground floor retail space within an existing mall located on Orchard Road. Orchard road-facing retail freehold properties are typically restricted and rarely available for sale.” states Michael Tay, head of capital markets, Singapore, at CBRE.

Foreigners and locals are able to buy the property and is designated as commercial. No additional buyer’s stamp tax as well as seller’s stamp duties will be assessed upon the purchase.
The property is likely to attract owners who profit from the shop’s prominent area, while investors will benefit from immediate rental opportunities from the property.

The exercise of expression of interest for this property expires on June 16.