To provide prospective bidders more time to mull over the great potential of converting Sim Lim Square into a multi-use development or hotel, Sim Lim Square has extended the deadline for its collective sale tender by a month!
This was revealed on Monday, June 24, by SLP International—the property’s marketing agent.
Thus, the said tender will now close at 3 pm of July 22nd.
The Tech Hub Sim Lim Square consists of 7,260-sq.m. area that is classified by the Urban Development Authority (URA) for commercial use.
According to Mr. Francis Tan, the Project Lead of SLP, prospective bidders and interested parties have relayed their desires to be allowed more time to explore the potential of converting this commercial space into a hotel or mixed-use development.
The Sim Lim Square is located along the Rochor Canal Road. On this road stretch, many properties have already been converted into hotel or multi-use properties.
Hence, bidders and interested parties want to explore the potential of converting this lot into a hotel or for multi-use development.
Given this, they are asking for more time to evaluate every aspect of this potential conversion, according to Mr. Tan.
Moreover, prospective developers are required to submit their applications to the Urban Redevelopment Authority if they intend to convert this property into a multi-use development.
This process is a bit complex according to Mr. Tan. It may take around 20 days for the applications to be processed likewise.
Moreover, these applications would be evaluated based on the impact they would have on the adjacent infrastructure.
Analysts agree on the fact that this effort to convert the area into a multi-use property is worth the hassles.
They think that it is more viable to go for a mixed-use development than to maintain the area for commercial use alone.
They also maintain that tagging it for commercial use limits its possibilities. Additionally, the area is not traditionally known for being an office market area, according to Mr. Desmond Sim who heads the research department at CBRE.
He said that using the entire lot solely for retail purposes would surely be counterproductive and may not lead to full occupancy rates.
However, if it is converted into a mixed-use development site, the potential of the area could be maximized.
He also said that if it is intended for hospitality, then retail will soon follow leading to better round-the-clock use of the area.