Two retail units at Sim Lim Square for sale at $3.38 mil
Completed in 1987, Sim Lim Square is a strata-titled commercial development on Rochor Canal Road (Photo: Samuel Isaac Chua / EdgeProp Singapore)
A pair of adjacent retail units on the third floor of Sim Lim Square will be featured at ERA’s next auction on Feb 27 with a total guide price of $3.38 million.
The larger of the two units 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).
An owner’s sale, this is the first time both units have appeared on ERA’s auction listings. The units are available to be purchased together or individually. Alison Lee, assistant vice president of auction and sales at ERA, says the units for sale are competitively priced. “They are priced slightly below the market average to incentivise a speedy sale.”
According to EdgeProp Singapore’s analytical tools, retail units at Sim Lim Square have transacted at an average price of $2,997 psf in the last 12 months. The most recent unit to change hands at the development was a 592 sq ft shop on the ground floor that was sold for $1.92 million ($3,241 psf) in December 2024.
Sim Lim Square has earned a reputation as a tech hub, primarily recognised for its wide range of electronics, gadgets and computer parts (Photo: ERA)
Lee also notes that Sim Lim Square has built a strong reputation as a tech hub. It is recognised for its concentration of electronics, gadgets and computer parts retailers. The development also houses a variety of other businesses, including eateries and traditional Chinese medicine shops.
Both retail units currently for sale are tenanted and generate approximately $4.50 psf in monthly rental income. Rental data compiled by EdgeProp Singapore, based on a rolling 12-month average, shows that retail units at Sim Lim Square yield between $4.20 psf and $7.30 psf per month.
The owners of Sim Lim Square put the development up for collective sale in April 2019, with a tender launched at a reserve price of $1.25 billion. Subsequently, it was relaunched for purchase in December 2019 at the same price but did not find a buyer.
Plans for a second attempt, led by a collective sale committee formed in 2022, did not materialise. Lee says a new committee is being formed to explore the possibility of another collective sale attempt in the near future.
Completed in 1987, Sim Lim Square is a strata-titled commercial development on Rochor Canal Road in District 7. It is situated on a 78,152 sq ft site with a 99-year land tenure from 1983. The complex houses 492 retail and office units across six floors and two basement levels. It is within walking distance of 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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