Colliers International: 11 Strata-titled Commercial Units For Sale by Auction

International property consultant, Colliers International will be putting up for sale by auction 11 commercial units – eight of which are retail shops located in Sim Lim Square, one office unit in Sim Lim Tower and two retail shops in High Street Centre. The auction is slated for March 26, 2008 at The Amara Hotel.

Retail Units in Sim Lim Square and an Office Unit in Sim Lim Tower
Located in Sim Lim Square, the eight 99-year leasehold retail units, which ranges from 339 sq ft to 807 sq ft in size, are separately located on the first, second and third levels. Most of the units have either a road or main concourse frontage; therefore, enjoying high pedestrian traffic.

While the smallest unit is owner-occupied, the remaining seven units are currently tenanted with some of the tenancies expiring at the end of this year. Hence, it will appeal to both investors and owner-occupiers.

Ms Grace Ng, Deputy Managing Director (Agency and Business Services) and Auctioneer at Colliers International, says, “Depending on the size of the unit, indicative price for the retail shops in Sim Lim Square is in the region of S$930,000 to S$8.8 million. This works out to between S$1,674 per sq ft and S$10,034 per sq ft. A 388 sq ft unit located on the ground floor was transacted in February this year at S$10,300 per sq ft.”

Meanwhile the 8,406 sq ft freehold office unit in Sim Lim Tower is currently multi-tenanted with the last lease expiring in April 2010. Indicative price is approximately S$9.5 million or S$1,130 per sq ft.

Ms Ng continues, “With the government’s recent announcement on developing a complementary office cluster to the financial districts in the Ophir-Rochor vicinity, as well as transforming the nearby areas into an arts, cultural, entertainment and education hub, we expect this area to be more vibrant in the near future. Therefore, given the strategic locations of both Sim Lim Square and Sim Lim Tower, which are situated within the Ophir-Rochor vicinity, it is now a good time to acquire commercial properties in the area.”

Sim Lim Square, which is located at 1 Rochor Canal Road, is a six-storey retail development specializing in electronics and IT products, while Sim Lim Tower is a 17-storey commercial development located at 10 Jalan Besar.

Retail Units in High Street Centre
With an individual unit area of 270 sq ft and 409 sq ft, the two basement retail units located in High Street Centre are owner occupied and have a 99-year leasehold tenure (w.e.f. June 2, 1969).

Asking price is in the region of S$340,000 and S$550,000 for the respective units.

Located at 1 North Bridge Road, High Street Centre is a commercial/residential development which is a stone’s throw away from the Central Business District, near to the City Hall MRT station.

Colliers International is a global affiliation of independently owned commercial real estate firms. The organization's 10,092 employees span the world in 267 offices in 57 countries. On a worldwide basis, Colliers manages 672,945,918 square feet, and has revenue of $US 1,620,958,349.

Ms Seah Li Ching
Senior Executive, Marketing and Communications
Tel: 65 6223 2323
Direct: 65 6531 8545

Ms Grace Ng
Deputy Managing Director (Agency and Business Services)
Tel: 65 6223 2323
Direct: 65 6531 8500