Far East Organization puts 14 units in Lucky Plaza up for sale for S$52.6 million 

A BATCH of 14 freehold strata-titled units in Lucky Plaza have been put up for sale for S$52.6 million. 

According to checks by The Business Times, the units being sold are held by Far East Organization (FEO), which developed the Orchard Road property and owns a substantial share of space in the building. 

The portfolio up for sale comprises a basement food court spanning 3,046 square feet (sq ft) and seven retail units which are tenanted to a pub, retail shops, beauty service providers and a maid agency. 

The food court is available at a guide price of S$25.43 million, or S$8,320 per square foot (psf), said marketing agent Savills Singapore. 

The seven individual strata units being marketed range from between 118 sq ft and 721 sq ft, and are priced from S$1.1 million to S$4.8 million. Most of these units are available for between S$5,000 psf and S$6,800 psf, added Savills Singapore. All the units are spread across Basement 1 and levels 1 and 2, and will be sold via private treaty. 

“Strategically positioned within Lucky Plaza, these units boast prime locations with prominent frontages, and enjoy high foot traffic,” said Sophia Lim, Savills Singapore’s director of investment sales and capital markets. 

She noted: “The basement food court, in particular, benefits from consistently strong crowds on both weekdays and weekends. This substantial offering provides investors and end-users with a rare chance to secure an immediate foothold in the coveted prime strata retail sector or significantly expand their existing retail holdings.” 

The supply of freehold strata retail properties along Orchard Road is limited. Since March 2022, the Urban Redevelopment Authority (URA) has prohibited further strata subdivision of commercial properties along Orchard Road. 

Lim added: “With the planned revitalisation of the Orchard precinct by URA and rejuvenation activities intensifying, incoming purchasers can expect an increase in visitors and retail spending, further upside for rental growth, and capital appreciation in the medium to long term.” 

Lucky Plaza, one of Orchard Road’s oldest malls, was built by FEO and opened to the public in 1978. FEO also owns units in Far East Shopping Centre, which attempted a collective sale last year but failed to get enough backing from unit owners who rejected the offer price of S$850 million. 

Most recently, a 183 sq ft unit on the fourth floor in Lucky Plaza was sold in October 2024 for S$1.29 million or S$7,022 psf.