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Three adjoining ground floor retail units at Lucky Plaza along Orchard Road have been put up for sale via public tender, revealed marketing agent JLL.
Offered for sale with vacant possession, the freehold retail units have a total area of 1,561 sq ft and enjoys prominent main road frontage to Mount Elizabeth Road. But while they are “approved for “Medical Centre” use, change of use to “Restaurant” or “Retail” may be considered, subject to approval from the relevant authorities,” said JLL.
The strata retail units, which are being sold collectively, carry an indicative guide price of around S$18 million or S$11,531 per sq ft based on the existing strata area.
Built in the 1980’s, freehold mixed-use development Lucky Plaza features a seven-storey retail podium as well as a 30-storey residential block. It is strategically located along Orchard Road and is conveniently connected to the Orchard MRT station through a pedestrian underpass.
With the property nestled on land zoned for commercial use, foreigners can acquire the property, with no additional buyer’s stamp duty (ABSD) or seller’s stamp duty (SSD) payable.
“We expect strong interest from astute owner-occupiers in trades, such as medical practitioners, F&B operators and retailers, as well as investors such as family offices and High Net Worth Individuals (HNWIs),” said Clemence Lee, senior manager for Capital Markets at JLL.
“With the changing landscape of the Orchard Road retail scene and constant efforts made by the government to revitalise the area, investors can anticipate capital appreciation in the near term, especially considering the scarcity of such prime ground floor strata assets.”
The tender exercise for the property will close on 3 August.
This article was edited by Denise Djong.
Updated 29 June 2017, 1800hrs: JLL informed PropertyGuru that the disseminated press release was incorrect and that the property is for sale via “public tender” and not an “Expression of Interest” exercise as originally published. This article has been revised to reflect the necessary correction.
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