Two Retail Units Sim Lim Square Sale 338 Mil
Alison Lee, assistant vice president of auction and sales at ERA, says that the two adjacent retail units on the third floor of Sim Lim Square will be featured at the company’s upcoming auction on Feb 27. With a total guide price of $3.38 million, the larger unit is 958 sq ft and has a guide price of $2.08 million ($2,171 psf), while the smaller unit is 570 sq ft and has a guide price of $1.28 million ($2,246 psf). This is the first time both units are being listed on the auction. They can be bought together or separately. The units have been priced competitively, slightly below the market average, to encourage a swift sale. According to EdgeProp Singapore’s analytical tools, retail units at Sim Lim Square have been selling for an average price of $2,997 psf over the past 12 months. The most recent sale was in December 2024 for a ground floor unit measuring 592 sq ft, which was sold for $1.92 million ($3,241 psf). Sim Lim Square is known for its bustling tech hub, with a variety of electronics, gadgets, and computer parts retailers. The development also hosts other businesses, such as restaurants and traditional Chinese medicine shops. Both units for sale are currently tenanted, generating a monthly rental income of around $4.50 psf. Data from EdgeProp Singapore shows that retail units at Sim Lim Square have a monthly rental yield of $4.20 psf to $7.30 psf, based on a rolling 12-month average. The owners of Sim Lim Square attempted a collective sale in April 2019, with an asking price of $1.25 billion. However, it was relaunched in December 2019 at the same price without success. The possibility of another collective sale attempt is currently being explored by a newly formed committee. Developed in 1987, Sim Lim Square is a 99-year leasehold commercial property located in District 7’s Rochor Canal Road. With a land area of 78,152 sq ft, the complex comprises 492 retail and office units spread across six floors and two basement levels. It is within walking distance of Rochor and Jalan Besar MRT Stations on the Downtown Line, while the East-West and Downtown Lines are connected by Bugis MRT Interchange.
