The Highest Land Rate Price Ever Set (S$3,197 Psf ppr) in En Bloc History
Sim Lim Square, one of the famous IT Mall in Singapore has finally launch for collective sale with a target price of S$1.25 billion.
The District 7 commercial property was built in 1985 with a 99-yr leasehold tenure and it has 63 years remaining.
The commercial site covers an area of 78,152 sq ft and comprises of 492 commercial units on its 6 levels and 2 basement levels.
After the asking price was raised from $1.1 billion to $1.3 billion in February this year 2019, more than 80% of its owners have consented the sale.
As per the URA Master Plan, the site is zoned for commercial use with a plot ratio of 4.2 with recently approved gross floor area of 391,000 sq ft.
Upon successful sale, each owner will stand to receive between $488,000 to $67.5 million, depending on their unit types and sizes, announced by SLP Scotia the marketing agent of this en bloc sale.
SLP Scotia also added that Sim Lim Square situated at a strategic and advantage location in the Ophir-Rochor Corridor and is surrounded by lifestyle amenities with many interesting places.
The public tender of Sim Lim Square shall close at 3pm on June 24, 2019