POSTED: 12 Dec 2013 21:37 | CNA

SINGAPORE

The atrium shop space at Sim Lim Square has been put up for sale by expression of interest.

In a statement on Thursday, its marketing agent CBRE said the atrium shop at the ground floor of Sim Lim Square comes with a strata area of approximately 2,756 square feet.

The unit attracts a high volume of shoppers due to its open concept.

CBRE expects the property to attract strong interest from retailers, as it is housed in Sim Lim Square, a building that is popularly known as the largest electronics & computer hub in Singapore.

The building is also prominently located at the junction of Rochor Canal Road and Bencoolen Street, and is nestled in the Bugis commercial cum residential enclave.

In addition, the future Rochor MRT Station along the Downtown Line will be conveniently located at Sim Lim Square.

According to caveats lodged, a ground floor shop was transacted at S$10,719 per square foot in March this year.

Sammi Lim, associate director of investment properties at CBRE, said “Very few shopping mall developments in Singapore offer such a space. This is the only atrium retail shop available for sale on the ground floor main concourse.”

“The space will likely attract private-equity, family offices and high net-worth individuals, both local and overseas, who are looking for quality assets like shops in Sim Lim Square for potential rental and capital appreciation with a mid- to long-term view. The property will also attract a growing pool of end-user purchasers.” she added.

CBRE is expecting to receive strong offers in excess of S$48 million.

As Sim Lim Square shops are under the commercial property zones, expression of interest is open to locals and foreigners. No additional buyers’ stamp duty will be imposed on the purchase of the property.

The deadline for expression of interest is on 22 January 2014.

– CNA/ec

http://www.channelnewsasia.com/news/business/singapore/sim-lim-square-atrium/920206.html