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Sim Lim Square en bloc has been first launched into tender sale back in 2017 with an asking price of $1.1 billion. Heading its public tender is its marketing agent SLP Property Marketing Consultant. This 6-storey property house 492 units of commercial spaces. Completed in 1987, SLS sits in a land area of 78,146 square feet along Rochor Canal Road.
In April 29, Sim Lim Square was first relaunched in an attempt sale in 2019 with a reserve price of $1.25 billion. Classified as a commercial zone according to te Master Plan of Urban Development Authority, it has an approved gross floor area measurement of 391,000 square feet. The tender closed in June 24 and later was extended until July 22 but still failed to find a bidder.
Failed with its first relaunched this year, Sim Lim Square attempted once more into collective sale with the same asking price of $1.25 billion with high hopes of a successful sale. The tender is scheduled to close on December 30, 2019.
New discoveries amplify hopes for a successful sale
Upon the Chairmanship of Vikas Gupta in the Collective Sales Committee he ordered to have the map of Sim Lim Square to be redrawn and revealed that it has 27% more space than previously stated. With a 499,715 square feet built-up space, SLS proves to have a better chance of sale.
There other discoveries in this property that will help attract bidders and a chance to be sold. The actual land area of SLS measures 8,066.7 square meters which some part has recordly been hand over to road reserve ending up to its recent land size of 7,260.6 square meters.
Thus, this discovery can yield a reduce in land rate price of $2,501 psf ppr from its original rate of $3,300 psf ppr, an excellent price reduce for prospective buyers. Also, Sim Lim Square is reserved for community use giving it a high possibility for reduced price per square foot. Not only that, it also can claim more gross floor area for its future development.
Advisable future development and location advantage
Zoned for commercial use, the plot ratio of Sim Lim Square is 4.2. The site can be redeveloped into a majestic commercial building for that part. But for its location which is just a few minuets of drive to tourist destinations such as Kampong Glam and Little India, as well as the Orchard Shopping District, it will be ideal to be redeveloped into a hotel.
The location of Sim Lim Square is exceptional as it is connected seamlessly by various major roads and have plenty of adjacent public transport stations available. Both local and foreign tourists will surely have high expectations for an excellent accommodation for their stay.
Sitting just a short proximity from local destinations creates a promising opportunity and potential for the future development. The hopes for this tender to end up in a successful sale is high with the new discoveries found in this property.