SINGAPORE (EDGEPROP) - A two-bedroom unit at the top of Lucky Plaza, measuring 872 sq ft, is up for auction on Nov 18 at Edmund Tie’s auction. The guide price for the mortgagee sale is $1.76 million, or $2,018 psf.
The 12th-floor unit has a functional squarish layout with an enclosed kitchen, two common bedrooms and two common bathrooms. Facing a north-east direction and overlooking the quiet landed estate at Kimsia Park, the unit is bright and windy, according to Joy Tan, head of auctions at Edmund Tie.
The previous owner had bought it in December 2016 for $1.5 million ($1,715 psf).
Lucky Plaza is a 30-storey, freehold mixed development with commercial and residential units, located in Orchard Road. It is developed by Far East Organization and completed in 1981. The 88 residential apartments range from two-bedroom to five-bedroom units and are located from levels nine to 30.
The mall component of Lucky Plaza, which occupies seven floors, has become a cultural hub for migrants from the Philippines. There are over 500 retail shops, medical centres, souvenir shops, restaurants and eateries, such as McDonald’s and Jollibee.
Tan says that the asking price is very attractive as Lucky Plaza is freehold and located in the heart of the Orchard Road shopping belt. “Residential units in Districts 9 and 10 have crossed the $4,000 psf mark in recent years. With a quantum below $2 million, it’s an affordable unit that sits on top of an established mall with restaurants, shops and a food court,” she says.
Lucky Plaza is a three-minute walk to Orchard Road MRT Station, and is served by buses going to Suntec City and the CBD. It is in proximity to malls along Orchard Road, such as Ngee Ann City, Wisma Atria, Tang Plaza and Paragon, as well as Mount Elizabeth Medical Centre.
This year, there has been only one residential transaction at Lucky Plaza — a 1,647 sq ft, three-bedroom unit changed hands in August for $2.93 million ($1,778 psf). The last resale of a two-bedroom apartment there fetched $1.82 million ($2,085 psf), in April 2018.
“Interest has been expressed by singles and couples who are looking to own an Orchard Road address for their own stay,” says Tan. She adds that the unit can also be rented to tenants working at Mount Elizabeth Hospital, Gleneagles Hospital, embassies along Grange Road, as well as offices at Orchard Road. This year, two-bedroom apartments at Lucky Plaza have fetched monthly rents of between $2,800 and $4,500.
Check out the latest listings near Lucky Plaza, Kimsia Park, Orchard Road, Mount Elizabeth Hospital, Gleneagles Hospital, Grange Road, Orchard Road MRT Station