The notorious IT shopping centre Sim Lim Square is on the market with a $1.1 billion price tag.

Romesh Navaratnarajah of PropertyGuru reports the proposal to sell the strata-title centre follows an owners meeting early this week where a collective sale agreement was endorsed by 97 per cent of those in attendance, representing 60 per cent of the share value.

The building will be marketed by SLP International Property Consultants.

Six-storey tall Sim Lim Square, known for both bargains and dodgy selling practices which drew international attention in 2015, is located on the intersection of Bencoolen Street and Rochor Canal Road. It was built in 1987 and is split into 492 individual strata unit titles, with a total floor area of 236,881sqft.

Its listing marks the first time a strata-titled full-commercial prime city centre site has been placed on the market en bloc. Strata titles commonly change hands – but not a whole development.

Navaratnarajah says SLP has been working with and advising the collective sale committee in a series of town hall meetings stretching back six months.

Photo: Yahoo Singapore