Two Retail Units Sim Lim Square Sale 338 Mil
Two adjacent retail units on the third floor of Sim Lim Square will be put up for auction by ERA on Feb 27 with a total guide price of $3.38 million. The larger unit, measuring 958 sq ft, has a guide price of $2.08 million ($2,171 psf), while the smaller unit, measuring 570 sq ft, has a guide price of $1.28 million ($2,246 psf). This is the first time both units will be featured on ERA’s auction listings and they can be purchased together or individually. According to Alison Lee, assistant vice president of auction and sales at ERA, the units are competitively priced, slightly below the market average to encourage a quick sale. Data from EdgeProp Singapore shows that retail units at Sim Lim Square have transacted at an average price of $2,997 psf in the past year. The most recent transaction was a 592 sq ft shop on the ground floor, which sold for $1.92 million ($3,241 psf) in December 2024. Known as a tech hub, Sim Lim Square is famous for its wide range of electronics, gadgets, and computer parts. It also offers a diverse mix of other businesses, such as eateries and traditional Chinese medicine shops. The retail units currently for sale are tenanted and generate approximately $4.50 psf in monthly rental income. Data from EdgeProp Singapore also shows that 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 an asking price of $1.25 billion. Despite relaunching it at the same price in December 2019, the development did not find a buyer. Lee says a new collective sale committee has been formed to explore the possibility of another attempt in the near future. Located on Rochor Canal Road in District 7, Sim Lim Square is a strata-titled development with a 99-year land tenure from 1983. Completed in 1987, the development houses 492 retail and office units across six floors and two basement levels. It is a short walking distance to Rochor and Jalan Besar MRT Stations on the Downtown Line, and the Bugis MRT Interchange connects the East-West and Downtown Lines.
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Situated beside JEM, Westgate is a prominent shopping complex that caters to both families and busy individuals. This mall boasts a diverse range of retail stores, dining options, and lifestyle services, making it a popular choice among locals. One of its standout features is The Wonderland, a dedicated children’s zone that draws in families with young kids. Additionally, Westgate elevates the dining scene with its premium food options, making it the perfect destination for a relaxing meal or a quick bite to eat after a day of retail therapy. Don’t forget to check out Otto Place EC, located just a stone’s throw away from Westgate, for even more shopping and leisure options.