Freehold Ground Floor Shop With F&B Approval At Prime City Fringe, Sim Lim Tower For Sale Via Public Tender
Singapore 20 March 2017 – CBRE is pleased to launch the Public Tender sale of a freehold ground floor shop with rare F&B approval at Sim Lim Tower.
Sim Lim Tower is a freehold tenure development and the subject unit is located at the ground floor, enjoying main road shop frontage and high visibility from both passersbys and motorists. The shop unit has a strata area of approximately 4,908 square feet. The unit is being offered for sale with existing tenancies, and the unit will appeal strongly to end-users who have been on the look-out for prime ground floor shops to purchase and operate in. The large unit size presents multiple commercial usage angles; retail shop, restaurant, fitness centre, banking hall, showroom, home & living and lifestyle businesses, etc. For investors, the freehold tenure and potential yield return are key attractions. Rare F&B approval for the unit has been obtained.
Located right in between a thriving Jalan Besar and Bugis, Sim Lim Tower is long recognized as an iconic development that is well known to both locals and foreigners. Its strategic location can leverage on the bustle from day and night activities from the Bugis area, as well as the rich cultural and entertainment precinct within Jalan Besar. A stone’s throw from the City Centre, the property enjoys excellent accessibility and connectivity. The Orchard Road Shopping Belt and Central Business District (CBD) are both within a five-minute drive away. Upcoming Jalan Besar MRT Station will be located right next to Sim Lim Tower, whilst the Bugis Interchange Station and Rochor MRT Station are only 400m away; it is directly connected to key precincts in the city centre including Raffles Place and Marina Bay via a 3-5 minutes commute on the MRT. The Property is also located near the taxi stand and bus stops connecting to the major roads, providing seamless connections to other parts of Singapore. Accessibility to other parts of Singapore is enhanced via the close proximity of Central Expressway (CTE), Pan Island Expressway (PIE) and Nicoll Highway, etc.
Sammi Lim, Director, Capital Markets, CBRE said, “Ground floor main road facing shops which comes with freehold tenure and also F&B approvals are niche assets, especially within the prime city fringe area. Such assets are highly valued by both investors owner-occupiers.
There has not been a sale of a ground floor shop unit at Sim Lim Tower in the last five years. Ground floor shops at the nearby vicinity include The Bencoolen which transacted at $5,002 per square foot in April 2016; Sim Lim Square, which transacted at $4,407 per square foot in March 2016. Due to the limited supply, we are confident that the launch will garner keen interest amongst end users and savvy investors from both local and also foreign buyers who are familiar with the market and eager to acquire prime retail space.”
This is a valued opportunity for any ground floor shop to be available for sale in the prime city fringe of Jalan Besar/Bugis. As the unit is under commercial property zoning, both local and foreigners are eligible to purchase with no additional buyers’ stamp duty (ABSD) and no sellers’ stamp duty (SSD) imposed on the purchase of the Property.
CBRE is the exclusive marketing agent for this Public Tender exercise. The Public Tender exercise will close on 18 April 2017, Tuesday at 3pm.