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ERA to put two Sim Lim Square retail units up for auction
Two Sim Lim Square retail units with a total guide price of $3.38 million will be featured at ERA’s upcoming auction on Feb 27.
The first unit, measuring 958 sq ft, has a guide price of $2.08 million or $2,171 per square foot (psf). The second unit, measuring 570 sq ft, has a guide price of $1.28 million or $2,246 psf.
Owned by the same individual, this is the first time that both units will be featured on ERA’s auction listings. Interested buyers can bid for both units together or separately.
Speaking to ERA, Alison Lee, assistant vice president of auction and sales, says that the units are competitively priced, slightly below the market average in order to facilitate a quicker sale.
Based on data from EdgeProp Singapore, retail units at Sim Lim Square have transacted at an average price of $2,997 psf over the past 12 months. The most recent transaction at the development was in December 2024 when a 592 sq ft shop on the ground floor was sold for $1.92 million or $3,241 psf.
Sim Lim Square has made a name for itself as a tech hub, well-known for its plethora of electronics, gadgets and computer parts (Photo: ERA)
Lee adds that Sim Lim Square has gained a reputation as a tech hub and is recognized for its high concentration of electronics, gadgets, and computer parts retailers. The complex also houses a variety of other businesses, such as eateries and traditional Chinese medicine shops.
The two retail units currently up for sale are tenanted and generate an estimated monthly rental of $4.50 psf. Based on data from EdgeProp Singapore, retail units at Sim Lim Square have a monthly rental yield range of between $4.20 psf and $7.30 psf.
In April 2019, the consortium of unit owners at Sim Lim Square put the development up for collective sale with a reserve price of $1.25 billion. The sale attempt was relaunched in December 2019, but it did not attract a buyer.
However, as a new collective sales committee is being formed, Lee says that another attempt to sell the entire building may happen in the near future.
Sim Lim Square is a 78,152 sq ft strata-titled commercial development with a 99-year leasehold tenure. Completed in 1987, it has six floors and two basement levels, housing a total of 492 retail and office units. The development is well connected, within walking distance of the Rochor and Jalan Besar MRT stations on the Downtown Line, and the Bugis MRT Interchange, which connects the East-West Line and the Downtown Line.
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