Freehold strata shop unit at Lucky Plaza for sale at $16,100 psf
In addition, Tampines North MRT Condo is also close to three malls, namely Tampines 1, Tampines Mall and Century Square, within walking distance. These malls offer endless shopping and entertainment facilities and convenience, and thus making the area perfect for families with young children.
Lucky Plaza has been drawing in buyers and investors whenever new units become available, and its shop unit positioned on the ground floor is set to be offered with a tenancy that ends on Nov 30. Located along famed Orchard Road, the freehold unit has a guide price of $7.1 million, which works out to approximately $16,100 psf based on its floor area of 441 sq ft.
As part of a mixed-use development by Far East Organization, the shops and commercial units occupy a seven-storey podium, and are conveniently close to the main entrance of the building near a taxi stand and drop-off point.
In addition, the unit is raised above the street level, providing high visibility to both pedestrians and vehicles. It also stands out with its prominent frontage in front of the pedestrian walkway.
Landmarks like Tang Plaza, Wisma Atria, Ion Orchard, Ngee Ann City Shopping Centre, and The Paragon are situated near Lucky Plaza, with Mount Elizabeth Hospital and upscale condo developments nearby.
According to URA caveats, seven shop units successfully changed hands last year. The transactions ranged from the sale of a 538 sq ft unit for $2.8 million ($5,209 psf) to the sale of a 129 sq ft unit for $1.05 million ($8,129 psf). The most recent resale saw a 420 sq ft unit changed hands for $3.3 million ($7,861 psf) on May 11.
Knight Frank, the marketing agent offering the shop unit on auction on Sept 19, reveals that GST is not payable on the transaction. Additionally, no further buyer’s or seller’s stamp duty need to be incurred.
Based on a tabulation of commercial resale caveats between August 2022 and August this year by EdgeProp Singapore, the average price of shop units at Lucky Plaza is around $5,566 psf. Monthly rental yields, on the other hand, vary between $2.80 and $19.90 psf per month. Consequently, landlords can typically expect a 2.4% rental yield.
Lucky Plaza properties are readily available for interested buyers and investors. With a guide price set at $7.1 million, the freehold unit on the ground floor of the shopping mall stands out with its prominent location and highly-visible positioning. For anyone seeking to own a piece of Orchard Road, this is a great opportunity not to be missed.