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Singapore gadget central Sim Lim Square has launched its second collective sale tender with a sweetener for potential developers - an additional 27 per cent of built-up space plus the possibility of lower development charges.
But the reserve price remains unchanged at more than S$1.25 billion. The closing date of the tender is Dec 30.
It was an unexpected bonus when Sim Lim Square's collective sale committee did an investigation on the mall's net lettable area and discovered the extra 27 per cent of built-up space, the committee's chairman Vikas Gupta told The Straits Times yesterday.
"The current net lettable area of 237,066 sq ft seemed a little low due to the wastage of common areas, corridors... So, we appointed an architect to redraw the building map, and in the process, found that the built-up space was much higher than we expected at 499,715 sq ft - 27 per cent more than the 391,000 sq ft in the planning documents."
Six-storey Sim Lim Square, with 492 units across a floor area of 22,007 sq m, was completed in 1987 and soon became known for its electronics and IT goods and services retailers. The plot is fully zoned for commercial use, so there is no mandatory requirement to top up the lease, which has 63 years left.
Real estate related news stories from Singapore
- OrangeTee Holdings rebrands as OT Group, names Wilson Ang as exec director
- HDB to launch more BTO flats in 2020 to meet higher demand
- Private homes sales up 23.2% to 1,147 units in November
- CCT issues first green bond of $124.7m
- Oxley sells Dublin Landings property for $173.7m
Asian property news round up
- S Korea tightens housing rules to curb price surge
- China's November home prices growth slowest in nearly 2 years
- Sun Hung Kai's Adam Kwok calls on HK govt to help struggling hotels
- Decoding the attraction of The Marq on Nguyen Dinh Chieu street
- Allianz Real Estate Names Danny Phuan Head of Acquisitions for APAC
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