Sim Lim Square Trying to Get En-bloc With More Built-Up Space


Advertisements
 

Ask any old Singaporean where to get cheap electronic goods and you would probably get “Sim Lim Square” as the answer.

Built in 1985, the strata mall has been widely recognised as a one-stop mall for electrical goods and services since the 1980s.

The tech hub will be put up for a collective sale again after the discovery of an extra 27% built-up space.

Extended En Bloc Deadline In June 

Back in June, Sim Lim Square extended the closing date for its collective sale tender by one month to give prospective bidders more time to explore the possibility of converting the space to a hotel.

This comes as the area undergoes a makeover in the wake of high demand for hospitality assets and new guidelines that urge developers to explore how buildings can be gentrified.

Discovery Of Extra 27% Built-Up Space 

Sim Lim Square is a 99-year leasehold site sitting on 78,152 sq ft of land, comprising six storeys, two basements and 492 commercial units.

The discovery of the extra 27 per cent built-space from the current 391,000 square feet to 499,715 square feet could be the result of some land being surrounded for road reserve.

This could be the reason for the higher built-up area in the building, subject to verification and approval from the authorities.

According to CNA, the expected asking price for Sim Lim Square is in excess of $1.25 billion.

Downward Spiral For Sim Lim Square

In March, it was announced that Sim Lim Square will be put up for collective sale after securing the requisite agreement of at least 80% of its owners.

Since the committee started pushing for a collective sale two years ago, the business conditions for the retail landscape have changed.

The structure of the strata-titled mall meant that owners could not accommodate requests from major brands which wanted to lease a huge space in the mall.

According to TODAYOnline, there has been falling traffic at the mall even with the opening of Downtown Line’s Rochor MRT Station beside it.

Time Is Up For Sim Lim Square 

An owner of multiple shops said that he voted for the en bloc sale because he felt that the mall has served its purpose.

“Things might need to change. Building old, buildings owners also,” he said.

Slowing business due to e-commerce is another factor why he decided it was time for a sale.


Advertisements
 

The tender closing date for the second collective sale is on 30 December 2019.

With the second collective run, the reality of Sim Lim Square closing down looms closer.