This article was first published on PropertyGuru
Popular IT mall Sim Lim Square is attempting to go en bloc following a second extraordinary general meeting that concluded successfully on Monday (12 Mar), revealed marketing agent SLP International Property Consultants. According to The Straits Times, the owners are reportedly asking for a whopping $1.1 billion.
This makes the building, which was completed in 1987, Singapore’s first full commercial prime city center en bloc sale.
Close to 60 percent by share value of the owners attended the meeting, of which an overwhelming 86 percent and 97 percent voted in favor of both the apportionment and collective sale agreement.
SLP has been working with and advising the collective sale committee, and explaining the important issues on the en bloc process to the owners in several town hall sessions over the last six months.
Located at the junction of Rochor Canal Road and Bencoolen Street, the six-storey strata-titled retail mall consists of 492 individual units and has a total strata floor area of approximately 236,881 sq ft, excluding common areas such as the basement car park and common corridor. The currently approved total gross floor area is 391,002 sq ft.
Directly linked to Rochor MRT station on the Downtown Line, the 78,146 sq ft site is also close to Bugis MRT interchange and the upcoming Ophir-Rochor corridor. The new development could be connected to Rochor MRT station via a basement linkway.
Text: Romesh Navaratnarajah via PropertyGuru
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