Future Hotel On The Minds Of Bidders As Sim Lim Square Extends Deadline
Tech hub Sim Lim Square extended their closing date for a sale tender by one month. This is to give ample time for bidders to explore the possibility of converting the commercial site into a hotel, according to Channel News Asia. The property's marketing agent SLP International revealed the news to CNA on Monday.
The tender will now close at 3 PM on July 22 instead of the original date, which was dated last Monday. The 7,260 sqm plot will now be zoned for commercial use instead, under the Urban Redevelopment Authority (URA) Draft Master Plan 2019.6.25
Mr. Francis Tan, project lead at SLP, said that interested parties made contact over the last few weeks. They did express their intentions of converting the entire space into a mixed-use development or hotel and they explored the possibility of buying the property because of this. The project lead further explained the situation, saying that such a process requires multiple parties to review the deal.
This is one of the many developments connected with the street where the Sim Lim Square. The street, Rochor Canal Road, is where the property is located and has been zoned for hotel use.
Sim Lim Square, meanwhile, is turning into an e-commerce platform, Straits Times reported. The platform is still under construction and is currently being tested, according to the building management. This initiative has been in the works for a year and is not connected with the forthcoming collective sale of the mall, it noted.
The online site was put under the digital agency Addpetizer, which is an opt-in initiative to "develop new channels." Some of the things being considered are to reach out to customers of Sim Lim Square's tenants. They will also get full autonomy for their own e-commerce spaces in the marketplace platform. Such examples of sales portals are Amazon, Lazada, or Shopee.
So far, there are 50 tenants on board, with more than 300 expected to join after the initial recruitment period. Sim Lim Square targets these 300 "star retailers" out of 480 to be the site's first joiners. Training sessions are currently being conducted, concentrated on managing an online shop and the basics of e-commerce.
Desmond Sim, head of research at CBRE, said that analysis included dedicating the plot to retail, which could result in a difficult time achieving "full occupancy rates."