Sim Lim Square forms collective sale committee, Latest Business News - The New Paper

The six-storey mall in Rochor Canal Road is making its first collective sale attempt amid declining footfall in recent years, industry observers said.

Part of that is due to the unsavoury headlines in 2014 over unscrupulous sales tactics by rogue merchants, but online retail and newer outlets have also taken a toll.

Mr Vikas Gupta, chairman of Sim Lim Square's collective sale committee, said it is looking to appoint a marketing agent and a lawyer. The 99-year leasehold building with around 500 units was completed in 1983 and has a land area of 7,260 sq m.

ZACD Group executive director Nicholas Mak noted that the mall has seen better times.

"Rentals have been dropping, and the owners of these commercial properties may be trying now because they saw the successful conclusion of several residential en blocs," he said.