For the first time in Sim Lim Square’s history, a much-coveted portfolio of 7 retail units with an estimated strata floor area of 5,156 sq ft have been put up for sale via private treaty, with a guide price of $17 million.
Located a stone’s throw away from the Rochor MRT station and within 10 minutes’ walk to Jalan Besar, Little India and Bugis MRT stations, Sim Lim Square is predominantly an electronics and IT mall along Rochor Canal Road. The mall is easily accessible via major arterial roads and expressways such as Rochor Road, Victoria Street, the Central Expressway (“CTE”) and the East Coast Parkway (“ECP”).
James Wong, Head of Sales & Auction at Huttons Asia Pte Ltd said: “This is a rare opportunity for investors to acquire a portfolio with Class 1 entertainment licences that allow operating hours up to 3am. These retail shops are suitable for savvy investors and/or Nightlife business operators who are seeking rental yield or suitable premises to operate. The units enjoy high visibility from the escalators and are situated next to a lift lobby that leads directly to the basement carpark in the building.”
“Apart for the public entertainment licencing approvals, the portfolio enjoys several enhancements which are rare to the building, such as private 24-hour air-conditioning, ventilation and exhaust systems, high power infrastructure and floor traps.”
Rarity of Portfolio
“With a balance master tenancy of more than 5 years in place, investors can look forward to a long-term stable rental income after acquiring the property. The rental yield is approximately 4% which is hard to come by in this market,” Mr Lee Sze Teck, Senior Director of Research at Huttons Asia added.
“The loss of lettable floor area that is approved for Nightlife entertainment purposes due to the successful En Bloc sales of Golden Mile Complex, Golden Wall Centre and Peace Centre, and the non-renewal of Nightlife entertainment licenses in Orchard Towers could drive strong demand for retail units that come ready with the necessary infrastructure and approvals in the next few years,” Mr Wong concluded.
Interested parties have the flexibility to acquire the entire portfolio or individual units. Foreigners are eligible to purchase the units. There is no Seller’s Stamp Duty (SSD) or Additional Buyer’s Stamp Duty (ABSD) imposed on the purchase of the properties as they are zoned “Commercial” under the Master Plan.
For further information, please contact:
James Wong, Head, Sales & Auction, Singapore Tel: +65 9113 3113 | jameswong@huttonsgroup.com
Geri Ang, Director, Corporate Account, Sales & Auction, Singapore Tel: +65 8443 0486 | geriang@huttonsgroup.com