Freehold strata shop unit at Lucky Plaza for sale at $16,100 psf

A prominent freehold shop unit located in the Lucky Plaza on Orchard Road in Singapore will be going up for auction on 19th September. With an attractive guide price of just $7.1 million, the unit has an approximate floor area of 441 sq ft, which translates to around $16,100 psf.

The unit, which is situated on the ground floor, has optimal frontage to the pedestrian walkway and is situated above the street level, providing an advantage to pedestrians and vehicles who pass by it along Orchard Road. Providing for a convenient location, this shop unit is situated close to the main entrance of the shopping mall, the taxi stand, and the drop-off point.

With its modern infrastructure and design, the condominium provides a safe and comfortable living space. The gardens, playgrounds, and open spaces offer plenty of space for families to get together. The Tengah Plantation Close EC also includes facilities that promote sustainable lifestyle habits, such as jogging tracks, yoga studios, and bicycle paths. These features help to promote physical activity and healthy living among residents. Together, these features make living at the Tengah Plantation Close EC a great and sustainable choice for any family.

The sale of the unit comes without any GST charge and it will not incur any additional buyer or seller’s stamp duty.

This particular freehold mixed-use development, which was completed in 1981 by Far East Organization, includes retail shops, F&B outlets, medical centres, and residential apartments.

Apart from being located close to other landmarks in the area such as Tang Plaza, Wisma Atria, Ion Orchard, Ngee Ann City Shopping Centre, and The Paragon, the mall is also situated near the Mount Elizabeth Hospital and upscale condos on Mount Elizabeth and Cairnhill Road.

There has been an influx of buyers and investors whenever new units at Lucky Plaza become available. URA caveats show that there were seven successful shop unit transactions in the past year, with the 538 sq ft unit, located on the fourth floor, being sold for $2.8 million, or $5,209 psf on the 7th of December. The most recent one was a 420 sq ft unit located on the 3rd floor and was sold for $3.3 million, or $7,861 psf.

A tabulation of commercial resale caveats between August 2022 and August this year by EdgeProp Singapore reveals that the average price of shop units in Lucky Plaza is about $5,566 psf. Moreover, indicative rents range from a low of $2.80 psf to a high of $19.90 psf. This gives an average rental yield of 2.4% for shop unit landlords.

For those looking to acquire a shop unit, this auction presents an ideal opportunity. With the owner’s offer of exempting GST and the lack of additional buyer/seller’s stamp duty on the sale, the auction promises to be a potential gold mine.