The only atrium shop space located on the ground floor of Sim Lim Square is being launched for sale by expression of interest.
CBRE, the sole marketing agent for the sale, said it expects to receive strong offers in excess of $48 million for the shop lot.
Sim Lim Square is a strata-titled mall, where shop units are owned and rented out by individual owners. This is in contrast to the ownership model in newer malls, which are either controlled by a developer or real estate trust. Although strata-titled shop units are frequently bought and sold, it is rare for open atrium space to be sold to an investor, let alone traded on the market, say property market experts.
As Sim Lim Square shops are under the commercial property zoning, both locals and foreigners are eligible to purchase it with no additional buyers' stamp duty imposed on the purchase of the property.
The 2,756 sq ft shop space put up for sale is owned by a home-grown property investment firm, which paid just $18 million for it back in 2007. Located right in the middle of the ground floor atrium, the space has an open concept with a panoramic 360-degree high visibility view throughout the premises. The escalators and lifts are also located next to the unit.
The asking price of $48 million translates to about $17,417 psf. According to caveats lodged, a ground floor shop located along the second corridor was transacted at $10,719 psf in March this year.
The expression of interest closes on 22 Jan 2014, Wednesday, at 3pm.
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