Lucky Plaza was the second mall built by Far East Organization (the first being Far East Shopping centre, naturally). The mall itself was actually completed even earlier than the apartment block in 1978. Back then, many people expected that this would not be a success as this was one of the most expensive developments to be built by a private developer.
It may not look like it now, but back in the day it was heralded for pioneering the concept of a modern shopping mall. There were many firsts too – the first multi-storey fully airconditioned mall, and the first golden bubble lift in South East Asia.
Lucky Plaza may be old and well-worn now, but it’s an open secret that – if you’re not fussy about looks – this is one of the most affordable ways to own a freehold private property on Orchard Road.
In June 2022, for example, an 829 sq. ft. unit here transacted for $1.8 million, while earlier in April a large, 1,647 sq. ft. unit transacted for $3.1 million. You’d be hard pressed to find similar prices for properties along the Orchard shopping stretch.
Now as a mall, Lucky Plaza may not be the most illustrious – it’s mainly famous for Ayam Penyet, things from the Philippines (that includes Jollibee) and pubs. But this becomes something of a minor drawback, when you remember you have the rest of Orchard Road at your doorstep. There’s even easy access to the Orchard MRT station (NSL and TEL) from here.
The main drawback is that, on weekends, Lucky Plaza is crowded – this is where a lot of foreign workers meet, so the commercial segment can get pretty crowded and noisy. Also, some buyers may not like the seedy pubs that cluster in some parts of this mall, although they’re fairly easy to ignore/avoid.
Despite its age (it’s freehold anyway), Lucky Plaza is worth of consideration by new investors, singles, or young couples without children. It’s quite difficult to find Orchard Road residences for below $2 million in the current market.
