Two Retail Units Sim Lim Square Sale 338 Mil
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Two retail units at Sim Lim Square for sale at $4.56 milAnother two retail units at Sim Lim Square for sale at $3.35 milThe auction on Feb 27 by ERA will feature a pair of adjacent retail units on the third floor of Sim Lim Square, with a total guide price of $3.38 million. The larger unit, sized at 958 sq ft, is priced at $2.08 million ($2,171 psf), while the smaller unit, sized at 570 sq ft, is priced at $1.28 million ($2,246 psf).This marks the first time both units have appeared on ERA’s auction listings, and they can be bought together or individually. According to ERA’s assistant vice president of auction and sales, Alison Lee, the units are priced competitively and slightly below the market average to entice a quick sale.Sim Lim Square is known as a tech hub, with a wide range of electronics, gadgets, and computer parts retailers. It also has other types of businesses like eateries and traditional Chinese medicine shops. Both units currently for sale are rented out and generate a monthly rental income of around $4.50 psf. Based on a rolling 12-month average, retail units at Sim Lim Square yield between $4.20 psf and $7.30 psf per month.The owners of Sim Lim Square tried to put the development up for collective sale in 2019 and 2020 but were unsuccessful. However, a new committee is now being formed to explore the possibility of another attempt in the near future.Sim Lim Square, built in 1987, is a strata-titled commercial development in District 7 with a 99-year land tenure from 1983. It has 492 retail and office units across six floors and two basement levels. The complex is conveniently located near Rochor and Jalan Besar MRT Stations on the Downtown Line, and the Bugis MRT Interchange connects the East-West and Downtown Lines.