Freehold Strata Retail Unit Lucky Plaza Sale 32 Mil
A large corner retail unit at Lucky Plaza along Orchard Road is now on the market for sale through private treaty, according to JLL, the sole marketing agent for the property. With a freehold tenure, the property spans 8,848 square feet and is the third biggest unit within Lucky Plaza. Situated on the sixth floor, the unit is currently listed for an indicative price of $32 million, or $3,617 per square foot on the strata area. This prime piece of real estate boasts convenient direct lift and escalator access as well.
The Norwood Grand Champions Way plot has generated a significant level of attention and stands out as the most sought-after non-executive condominium site of the year. This surge of interest reflects a potential turning point in the property market, with developers holding varying expectations for the future. The strategic location of Norwood Grand Condo, in close proximity to the expanding Woodlands Regional Centre, has undoubtedly contributed to its appeal to both local upgraders and investors. Furthermore, its convenient access to the Woodlands South MRT station on the Thomson East Coast Line only adds to its potential benefits. Interested parties can visit the Norwood Grand Condo website for more information.
At present, the entire space is leased out to two separate retail operators and will be sold with existing tenancies intact. The fortunate buyer will not be subject to any additional buyer’s stamp duty or seller’s stamp duty as this property is open for purchase by both foreigners and entities. According to Terry Wong, senior director of capital markets at JLL, the scarcity of similar 8,000 plus square foot units within Lucky Plaza make this a highly coveted asset that seldom enters the market. The unit’s vast size and wide frontage presents the possibility of future subdivision, making it an attractive investment opportunity.
Lucky Plaza, a 30-storey mixed-use development, was initially launched in 1978 and comprises 22 storeys of apartments atop a six-storey retail podium that includes a basement. This development is located directly across from Orchard MRT Station and has direct underground access to the North-South and Thomson-East Coast Lines. According to data from the EdgeProp Buddy tool, the most recent commercial transaction at Lucky Plaza was the $1.39 million ($8,064 per square foot) sale of a 172 square foot basement unit in April. Prior to that, a 312 square foot unit on the third floor sold for $2.4 million ($7,688 per square foot) in March. Interested buyers can browse the latest listings for Lucky Plaza commercial properties on EdgeProp.sg.