Two Retail Units Sim Lim Square Sale 338 Mil

Sim Lim Square retail ground-floor unit for sale for $3 milSamantha Chiew1 May 2021 The upcoming ERA auction on Feb 27 will feature a pair of retail units located on the third floor of Sim Lim Square. With a total guide price of $3.38 million, the larger unit, measuring 958 sq ft, has a price tag of $2.08 million ($2,171 psf), while the smaller unit, measuring 570 sq ft, is priced at $1.28 million ($2,246 psf).Previously, the units have not been featured in any of ERA’s auction listings as they have been under the ownership of a private party. However, the units are now available for purchase either as a pair or individually.ERA Assistant Vice President of Auction and Sales, Alison Lee, states that the units have been competitively priced. To encourage a quick sale, the units have been set at slightly below the market average. The transaction history of retail units at Sim Lim Square, according to EdgeProp Singapore’s analytical tools, has shown an average price of $2,997 psf over the past 12 months. The most recent transaction was of a 592 sq ft shop on the ground floor, which was sold in December 2024 for $1.92 million ($3,241 psf).Sim Lim Square is widely recognized as a popular tech hub, featuring a wide range of electronics, gadgets, and computer parts, and has earned a reputation for its variety of options. Additionally, it also houses numerous businesses, including eateries and traditional Chinese medicine shops.Both retail units are currently occupied and generate a monthly rental income of approximately $4.50 psf. Based on the average rental income from the last 12 months, calculated by EdgeProp Singapore, retail units at Sim Lim Square yield between $4.20 psf and $7.30 psf per month.Sim Lim Square was up for collective sale in 2019 with a tender launched at a reserve price of $1.25 billion. However, it was later relaunched for sale in December 2019, but did not attract any buyers. A second attempt was planned in 2022, which did not materialize, and a new committee is being formed to explore the potential for another collective sale attempt in the near future.Sim Lim Square, a strata-titled commercial development in District 7, was completed in 1987. Situated on a 78,152 sq ft site, the land tenure for the development is 99 years starting from 1983. The complex houses 492 retail and office units on six floors and two basement levels. It is strategically located near Rochor and Jalan Besar MRT Stations on the Downtown Line, and the Bugis MRT Interchange connecting the East-West and Downtown Lines is within walking distance.

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