ERA will be featuring a pair of adjacent retail units on the third floor of Sim Lim Square in their next auction on Feb 27. The total guide price for the units is set at $3.38 million. The larger unit spans 958 sq ft and has a guide price of $2.08 million ($2,171 psf), while the smaller unit covers 570 sq ft and has a guide price of $1.28 million ($2,246 psf). Both units are currently owned by the same owner and this marks the first time they will be listed in ERA’s auction. They can be purchased together or separately.
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Alison Lee, the assistant vice president of auction and sales at ERA, notes that the units have been competitively priced below the market average in order to encourage a quick sale. According to EdgeProp Singapore’s analytical tools, the average transacted price for retail units at Sim Lim Square over the past 12 months is $2,997 psf. The most recent transaction in December 2024 was for a 592 sq ft unit on the ground floor that was sold for $1.92 million ($3,241 psf).
Sim Lim Square is well-known for its concentration of electronics, gadgets and computer parts retailers, making it a popular tech hub. The development also has a variety of other businesses such as eateries and traditional Chinese medicine shops. The two retail units currently on the market are tenanted and bring in a rental income of $4.50 psf per month. According to rental data from EdgeProp Singapore, retail units at Sim Lim Square yield between $4.20 psf and $7.30 psf per month on average.
The owners of Sim Lim Square had put the development up for collective sale in April 2019 at a reserve price of $1.25 billion. However, a second attempt at a collective sale in December 2019 failed to find a buyer. A new collective sale committee is being formed to explore the possibility of another attempt in the near future.
Completed in 1987, Sim Lim Square is a strata-titled commercial development with 492 retail and office units across six floors and two basement levels. Located on a 78,152 sq ft site on Rochor Canal Road, it has a 99-year land tenure from 1983. The development is conveniently situated close to Rochor and Jalan Besar MRT Stations on the Downtown Line, with the Bugis MRT Interchange connecting to the East-West and Downtown Lines.