SHOPPING mall Sim Lim Square on Rochor Canal Road was set up for collective sale through public tender in a book price of S$1.25 billion on April 29, advertising representative SLP International Property Consultants declared on Monday.
The retail strata mall, one of Singapore’s biggest IT shopping centers, includes six floors and two bathrooms, home 492 commercial components.
It sits on a 99-year leasehold website using a land size of 78,152 square feet along with a remaining lease of 63 decades.
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Constructed in 1985, Sim Lim Square is famous for its bunch of electronic equipment and IT products and services merchants, which can be run by individual store owners and owners. A few of the proprietors of these units are in business since the 1980s.
It’s situated near the industrial precinct from the Bras Basah-Bugis planning region and the historic district of Kampong Glam. Because of this, it sees large quantities of footfall from visitors, overseas visitors and local shoppers, SLP explained.
Considering that the mall location in the apex of this Ophir-Rochor Corridor, which is part of this enlarged downtown region, the new owner can sync its own asset management plan of the house with present urban updating plans, SLP mentioned.
Vikas Gupta, chairman of the mall collective revenue committee, stated:”We’re now heavily under-utilised along with the strata system doesn’t let Sim Lim Square to utilize the spare space, therefore it’s the perfect time to refresh (the mall).”