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Located on the third floor of Sim Lim Square, a pair of adjacent retail units will be going under the hammer at ERA’s upcoming auction on Feb 27. The total guide price for these units is $3.38 million.
The first unit has a size of 958 sq ft and is being offered at a guide price of $2.08 million ($2,171 psf). The second unit, on the other hand, is smaller at 570 sq ft and is available for a guide price of $1.28 million ($2,246 psf).
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These units are being sold by the owners and this will be their first time being listed on ERA’s auction. Interested buyers have the option of purchasing both units together or individually. According to Alison Lee, the assistant vice president of auction and sales at ERA, the units are very competitively priced. “They have been priced slightly below the market average to attract a quick sale.”
Based on EdgeProp Singapore’s analytical tools, retail units at Sim Lim Square have been transacting at an average price of $2,997 psf in the past 12 months. The most recent transaction in the development took place in December 2024, for a 592 sq ft retail unit on the ground floor which was sold for $1.92 million ($3,241 psf).
Well-known as a tech hub in Singapore, Sim Lim Square is widely recognised for its vast collection of electronic items, gadgets, as well as computer parts (Photo: ERA)
Lee has also pointed out that Sim Lim Square is a well-known tech hub in Singapore, with a high concentration of businesses dealing with electronics, gadgets, and computer parts. Besides this, the development also houses a range of other businesses, including restaurants and traditional Chinese medicine shops.
Both units that are currently up for sale are already tenanted and are generating a monthly rental income of around $4.50 psf. Based on data from EdgeProp Singapore, the average rental yield for retail units at Sim Lim Square ranges between $4.20 psf and $7.30 psf per month.
The owners of Sim Lim Square had submitted a collective sale in April 2019, with a reserve price of $1.25 billion. However, despite a second relaunch in December 2019 at the original price, the development did not manage to find a buyer. In 2022, there were plans for a subsequent collective sale attempt, but those never materialised. According to Lee, a new committee is being formed to explore the possibility of another collective sale in the near future.
Completed in 1987, Sim Lim Square is a commercial development comprising 492 retail and office units spread across six floors and two basement levels. Situated on Rochor Canal Road in District 7, the development is built on a 78,152 sq ft site with a 99-year land tenure from 1983. It is conveniently located within walking distance of Rochor and Jalan Besar MRT Stations on the Downtown Line, and the Bugis MRT Interchange, which is an interchange station connecting the East-West and Downtown Lines.