Two Retail Units Sim Lim Square Sale 338 Mil
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Retail units at Sim Lim Square put up for sale by public auction”Two retail units located next to each other on the third floor of Sim Lim Square have been listed for sale at ERA’s upcoming auction on February 27. The guide price for both units combined is $3.38 million. The larger unit, spanning 958 square feet, has a guide price of $2.08 million ($2,171 per square foot), while the smaller unit covering 570 square feet is being offered at a guide price of $1.28 million ($2,246 per square foot). This is the first time that these units have been available for purchase at an auction by ERA. Interested buyers can purchase the units separately or together. According to Alison Lee, assistant vice president of auction and sales at ERA, the units have been priced competitively to encourage a quick sale, slightly below the average market price. EdgeProp Singapore’s analytical tools revealed that retail units at Sim Lim Square have been transacting at an average price of $2,997 per square foot in the last year. A shop on the ground floor of the development, spanning 592 square feet, sold for $1.92 million ($3,241 per square foot) in December 2024. Known as a tech hub, Sim Lim Square is known for its large selection of electronics, gadgets, and computer parts. However, it is also home to a diverse range of businesses, such as eateries and traditional Chinese medicine shops. Both units are currently tenanted and generate a monthly rental income of around $4.50 per square foot. Based on a 12-month average, retail units at Sim Lim Square yield between $4.20 and $7.30 per square foot per month, according to rental data compiled by EdgeProp Singapore. In April 2019, the owners of Sim Lim Square put the development up for a collective sale at a reserve price of $1.25 billion. The development was relaunched for purchase in December 2019 with the same price, but no buyer was found. While a second collective sale attempt was planned by a committee in 2022, it did not materialise. Lee mentions that a new committee is being formed to explore the possibility of another collective sale attempt in the near future. Developed in 1987, Sim Lim Square is a commercial development with strata titles located on Rochor Canal Road in District 7. It sits on a 78,152 square feet site with a 99-year leasehold from 1983. The complex is made up of six floors and two basement levels and contains a total of 492 retail and office units. It is within walking distance of the Downtown Line’s Rochor and Jalan Besar MRT Stations, and the Bugis MRT Interchange, which connects the East-West and Downtown Lines.”