Resale prices for retail units at Sim Lim Square hover above district average The upcoming ERA auction will feature a pair of adjoining retail units on the third floor of Sim Lim Square with a total guide price of $3.38 million. The two units, which have a combined floor area of 1,528 sq ft, can be purchased together or separately. The larger unit, measuring 958 sq ft, is priced at $2.08 million ($2,171 psf), while the smaller unit, measuring 570 sq ft, has a guide price of $1.28 million ($2,246 psf). This is the first time both units have appeared on ERA’s auction listings, as they are being sold by their owner.
According to Alison Lee, assistant vice president of auction and sales at ERA, these units are competitively priced at slightly below the market average in order to attract a quick sale.
In the last 12 months, the average transaction price for retail units at Sim Lim Square was $2,997 psf, based on data from EdgeProp Singapore’s analytical tools. The most recent sale at the development was a 592 sq ft shop on the ground floor, which sold for $1.92 million ($3,241 psf) in December 2024.
Sim Lim Square is well-known as a technology hub, with a concentration of electronics, gadgets, and computer parts retailers. It also houses various food outlets and traditional Chinese medicine shops. Both retail units at the auction are currently tenanted, generating a monthly rental income of around $4.50 psf. Data from EdgeProp Singapore shows that rental yields for retail units at Sim Lim Square range from $4.20 to $7.30 psf per month, based on a rolling 12-month average.
The owners of Sim Lim Square attempted to sell the development through a collective sale in April 2019, with an initial reserve price of $1.25 billion. The property was relaunched for sale in December of the same year at the same price, but did not receive any offers. Plans for a subsequent collective sale attempt in 2022 led by a committee also fell through. Lee states that a new committee will be formed to consider another collective sale attempt in the near future.
The cityscape of Singapore boasts impressive skyscrapers and state-of-the-art development. Condominiums, strategically located in sought-after locations, offer a combination of opulence and practicality that appeals to both locals and foreigners. These residential complexes are well-furnished with top-notch facilities, including swimming pools, fitness centers, and round-the-clock security, elevating the living experience and making them highly attractive to potential tenants and buyers. For investors, these attractive features equate to higher rental returns and appreciate in property value over time. Moreover, with the introduction of new condo launches, the selection of these upscale homes is continually expanding.
Built in 1987, Sim Lim Square is a 99-year leasehold commercial complex located on Rochor Canal Road in District 7. It consists of six floors and two basement levels, with 492 retail and office units. The property sits on a land area of 78,152 sq ft and was completed in 1983. It is conveniently located within walking distance of Rochor and Jalan Besar MRT Stations on the Downtown Line, while the Bugis MRT Interchange connects the East-West and Downtown Lines.