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A freehold ground floor shop at Sim Lim Tower has been put up for sale via a public tender.
With a strata area of around 4,908 sq ft, the unit comes with a rare F&B approval and is being offered with existing tenancies. It enjoys a main road shop frontage, making the unit appealing for end-users on the look-out for prime ground floor shops to purchase and operate in.
Marketing agent CBRE noted that the unit’s large size make it suitable for various uses, including retail shop, fitness centre, restaurant, showroom, banking hall, home & living and lifestyle businesses.
Meanwhile, the unit’s freehold tenure and potential yield return are key attractions for investors.
“Ground floor main road facing shops which comes with freehold tenure and also F&B approvals are niche assets, especially within the prime city fringe area. Such assets are highly valued by both investors owner-occupiers,” said Sammi Lim, director for capital markets at CBRE.
She revealed that there has not been “a sale of a ground floor shop unit at Sim Lim Tower in the last five years”.
Nearby ground floor shops transacted include The Bencoolen at S$5,002 psf in April 2016 and Sim Lim Square at S$4,407 psf in March 2016.
Given the limited supply, Lim is confident that the launch “will garner keen interest amongst end users and savvy investors from both local and also foreign buyers who are familiar with the market and eager to acquire prime retail space.”
CBRE said the transaction for the property will not incur any additional buyers’ stamp duty (ABSD) and sellers’ stamp duty (SSD) since the site is zoned commercial.
The tender exercise for the unit will close on 18 April.
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