Eleven shops in Sim Lim Square launched for sale at S$21m

A portfolio of 11 shops at Sim Lim Square is up for sale again via expression of interest (EOI) with a guide price of S$21 million, exclusive marketing agent Knight Frank Singapore said on Thursday.

The indicative price works out to about S$4,134 per square foot (psf).

The shops are central podium facing units on the fifth floor of Sim Lim Square, a complex catered for electronics and IT products.

The total strata area of the 11 units is about 5,080 square feet (sq ft), with unit sizes ranging from 291 sq ft to 506 sq ft, Knight Frank said.

As the development is a commercial property, the sale is open to both locals and foreigners, with no additional buyer’s stamp duty imposed on the purchase.

Located beside Rochor MRT station on the Downtown Line, the 99-year leasehold mall has street frontage along Rochor Canal Road, Prinsep Street, Bencoolen Street and Albert Street.

Ian Loh, head of capital markets (land & building, collective & strata sales) at Knight Frank, said: “The prime location of the units offered are hard to come by, with the last transaction for fifth floor, podium facing units going for more than S$5,300 psf in April 2020.”

He added that parties interested in acquiring the units can either purchase them individually, or as an entire portfolio.

The EOI exercise will close at 3pm on Aug 25.

In January, Knight Frank had placed the same portfolio of 11 shops on the market via expression of interest with a slightly higher guide price of S$22 million.

The launches of the units came after failed attempts at a collective sale for the entire mall – including one in April last year and then another in December – marketed by real estate consultancy SLP Scotia. The reserve price was S$1.25 billion for the latest tender, which was launched with an additional 27 per cent of built-up space plus the possibility of lower development charges.

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