Two retail units in Sim Lim Square for sale at $2 mil each
Two neighboring retail units on the third floor of Sim Lim Square will be featured in ERA’s upcoming auction on February 27, with a combined guide price of $3.38 million. The bigger unit, spanning 958 square feet, is priced at $2.08 million or $2,171 per square foot, while the smaller unit of 570 square feet is listed at $1.28 million or $2,246 per square foot. This is the first time both units will be featured in ERA’s auction listings, as they are currently for sale by the owner. They can be purchased separately or together. Alison Lee, the assistant vice president of auction and sales at ERA, states that the units are being competitively priced in order to expedite the sale process. According to EdgeProp Singapore’s analytical tools, Sim Lim Square retail units have seen an average transaction price of $2,997 per square foot over the last 12 months. Interestingly, the most recent unit to be sold was a 592-square-foot store on the ground level, which went for $1.92 million or $3,241 per square foot in December 2024. Sim Lim Square has a well-established identity as a tech hub, with a concentration of electronics, gadgets, and computer parts retailers. It also has a diverse range of other businesses, including restaurants and traditional Chinese medicine stores. Currently, both retail units are leased and generate about $4.50 per square foot in monthly rent. Rent data collected by EdgeProp Singapore over the last 12 months shows that Sim Lim Square retail units have an average rental return of between $4.20 and $7.30 per square foot per month. It is worth noting that in April 2019, the developers of Sim Lim Square put the property up for collective sale, setting a reserve price of $1.25 billion. In December of the same year, it was relaunched for purchase at the same price but was unsuccessful in finding a buyer. A second attempt was planned for 2022 by a collective sales committee, but it did not progress. However, Lee says that a new committee is being formed to consider another collective sale in the near future. Sim Lim Square is strata-titled mall built in 1987 on a 78,152-square-foot site. It has 492 retail and office units spread over six floors and two basement levels. It is within walking distance of Rochor and Jalan Besar MRT stations on the Downtown Line, and the Bugis MRT Interchange, which connects the East-West and Downtown Lines. Source: https://www.edgeprop.sg/property-news/pair-adjacent-retail-units-sim-lim-square-up-auction-feb-27