Sim Lim Square sale fails again, so 11 stores carved off in new pitch
Singaporean tech market Sim Lim Square has failed at its second en bloc tender attempt, prompting 11 of its stores to be put up for sale.
The 11 stores are being traded in a portfolio valued at S$22 million. The sale is open to both locals and foreigners until February 1, without additional buyer’s or seller’s stamp duties.
Despite enhancing the original reserve price with an extra 27 per cent of built-up space and more relaxed restrictions on development, The Sim Lim Square tender had attracted zero bids by its closure on December 30, according to a statement in The Straits Times by Francis Tan of the mall’s marketing agency.
“We just have to go out for the tender for one final push before expiry of the collective sale agreement in March 2020,” said Tan.
The 1985 structure near Rochor MRT stands on a plot fully zoned for commercial use with 63 years remaining on its current lease.