Sim Lim Square back on the market
Notorious IT shopping centre Sim Lim Square is back on the market with an asking price of $1.3 billion.
After the required minimum threshold of 80 per cent of unit title owners consented to the sale, a tender process will commence by the end of next month, according to shared marketing agent SLP Scotia.
The 7260sqm centre was on the market last March with the initial asking price of $1.1 billion.
“The consensus was that the market was doing better than when we first decided on the asking price of $1.1 billion early last year,” Sim Lim Square’s collective sale committee (CSC), Vikas Gupta, said by way of explaining the higher asking price.
Last November, another centre on Rochor Road, Golden Wall Centre was sold at $276.2 million ($2,331 per sq ft per plot ratio).
“We saw transactions like Golden Wall and we believe we are a better site with MRT connection as well as a square plot with two main roads. So our price is quite competitive,” Gupta added.
Personally owning 40 of the 492 units inside the six-storey mall, Gupta expressed relief when 80 per cent unitholder agreement was achieved.