Two freehold shophouses in Geylang for sale at $2.45 mil eachSelect Group acquires shophouse in Balestier Road for $20 milA pair of adjoining retail units on the third floor of Sim Lim Square will be up for auction by ERA on February 27, with a collective guide price of $3.38 million.The first unit, measuring 958 square feet, is listed at a guide price of $2.08 million or $2,171 per square foot. The second unit is slightly smaller at 570 square feet, with a guide price of $1.28 million or $2,246 per square foot.AdvertisementAdvertisementThis owner’s sale marks the first time both units have been listed on ERA’s auction platform. Interested buyers can purchase the units separately or as a bundle.Alison Lee, assistant vice president of auction and sales at ERA, explains that the units have been priced competitively to encourage a quick sale. “The prices are slightly below the market average to attract buyers,” she says.According to EdgeProp Singapore’s analytical tools, retail units in Sim Lim Square have been transacting at an average price of $2,997 per square foot in the last 12 months. The most recent transaction was for a 592 square foot unit on the ground floor, which changed hands at $1.92 million or $3,241 per square foot in December 2024.AdvertisementSim Lim Square has gained renown as a tech hub, known for its wide variety of electronics, gadgets, and computer components (Photo: ERA)Lee also mentions that Sim Lim Square is known for being a tech hub, with a concentration of electronic, gadget, and computer component retailers. Along with these, there are also a diverse range of businesses operating in the development, including eateries and traditional Chinese medicine shops.Both units are currently tenanted and generate an estimated monthly rental income of $4.50 per square foot. Based on data compiled by EdgeProp Singapore, average rental yields for retail units in Sim Lim Square range from $4.20 to $7.30 per square foot per month.An attempt to put Sim Lim Square up for collective sale was made in April 2019, with a tender launched at a reserve price of $1.25 billion. A second attempt was made in December 2019 at the same price but no buyer was found.Another collective sale attempt is being explored by a new collective sale committee, which will be formed in the near future, according to Lee.Built in 1987, Sim Lim Square is a strata-titled commercial development located in District 7 on Rochor Canal Road. It sits on a 78, 152 square foot site and has a 99-year land tenure starting from 1983. With a total of 492 retail and office units sprawling six floors and two basement levels, the complex is within walking distance of Rochor and Jalan Besar MRT Stations on the Downtown Line. Additionally, the Bugis MRT Interchange, which connects the East-West and Downtown Lines, is also nearby.
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