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One of the largest IT shopping centres in Singapore, the retail strata mall comprises six storeys and two basements, housing 492 commercial units.
Sim Lim Square on Rochor Canal Road has been put up for en bloc sale via public tender carrying a reserve price of $1.25 billion, reported The Business Times citing SLP International Property Consultants.
Located on a 78,152 sq ft site zoned commercial under the 2014 Master Plan, the property has a gross floor area (GFA) of 391,000 sq ft and a 4.2 plot ratio.
One of the largest IT shopping centres in Singapore, the retail strata mall comprises six storeys and two basements, housing 492 commercial units.
The square-shaped site, which has a balance lease of 63 years, fronts three roads with pedestrian access on all sides. It is near the Kampong Glam district as well as the commercial precinct within the Bras Basah-Bugis planning area.
Given that the building sits at the apex of the Ophir-Rochor Corridor, the mall’s new owner can synchronise its asset management plan for the property with present urban upgrading plans, said SLP.
“We are currently heavily under-utilised and the strata system does not allow Sim Lim Square to use the spare space, so it’s the ideal time to refresh (the mall),” stated Vikas Gupta, the mall’s collective sales committee chairman.
The tender for Sim Lim Square closes on 24 June.
Meanwhile, Queensway Shopping Centre, which is known for its printing services and sneaker shops, is also set to go en bloc.
Berita Mediacorp reported that the 150-odd shop owners at Queensway Shopping Centre and the residents of the 78-unit Queensway Tower held a special general meeting for the sale on 13 April – the first time a general meeting of this size was held.
Fiona Ho, Digital Content Manager at PropertyGuru, edited this story. To contact her about this or other stories, email fiona@propertyguru.com.sg
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