Sim Lim Square seeks $1.1 billion for collective sale

The collective sale committee for Sim Lim Square has settled on an asking price of around $1.1 billion and will begin getting signatures for its maiden collective sale attempt, The Straits Times understands.

Former presidential hopeful Salleh Marican, who runs Second Chance Properties and owns 12 commercial units in Sim Lim Square, stands to get around $30 million.

He told ST yesterday: "I am confident we can get 80 per cent of the signatures. But whether we can get a buyer at $1.1 billion, I am not so sure."

Nearly 60 per cent by share value of owners attended an extraordinary general meeting on Monday.

Of those owners, about 87 per cent voted in favour of the apportionment method and 97 per cent for the collective sale agreement.

Committee member and unit owner Calvin Ho said the largest units could net their owners as much as $60 million, while the smaller ones can get $1 million.

The 99-year leasehold building with 492 units was completed in 1987 and has a floor area of 22,007 sq m. It has a land size of 7,260 sq m.

SLP Scotia, owned by SLP International Property Consultants, has been appointed marketing agent. - GRACE LEONG