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Sim Lim Square retail units hit the auction market with a combined guide price of $3.38 million, as ERA holds its next auction on Feb 27.
The larger unit spans 958 sq ft and is priced at $2.08 million ($2,171 psf), while the smaller unit covers 570 sq ft and is priced at $1.28 million ($2,246 psf). This is the first time both units have appeared on ERA’s auction listings as they are being sold by the owner.
According to Alison Lee, assistant vice president of auction and sales at ERA, the units have been priced competitively to attract a quick sale.
Sim Lim Square has earned a reputation as a tech hub, primarily recognised for its wide range of electronics, gadgets and computer parts (Photo: ERA)
The development has a well-established reputation as a tech hub, known for its concentration of electronics, gadgets and computer parts retailers. It is also home to a range of other businesses, including eateries and traditional Chinese medicine shops.
The current owner is selling both units as tenanted properties, with a monthly rental income of $4.50 psf. Based on rental data compiled by EdgeProp Singapore, retail units at Sim Lim Square yield between $4.20 psf and $7.30 psf per month.
Sim Lim Square was put up for collective sale in April 2019, with a reserve price of $1.25 billion. A new collective sale committee is being formed to explore the possibility of a second attempt in the near future.
Completed in 1987, the strata-titled commercial development sits on a 78,152 sq ft site and houses 492 retail and office units across 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 connects the East-West and Downtown Lines.