SLP Scotia said it intends to launch by April-end the public tender for the collective sale of the Sim Lim Square along Rochor Canal Road in Singapore after more than 80% of the mall's owners consented to divest the asset, The (Singapore) Straits Times reported.

The marketing agent for the 492-unit retail property, which occupies a 99-year, 7,260-square-meter leasehold site, declined to disclose the reserve price for the six-story mall, but according to the publication, the asset's asking price was increased Feb. 1 to S$1.3 billion from S$1.1 billion.

Vikas Gupta, chairman of Sim Lim Square's en bloc sale committee, said the price was increased due to a better market condition, compared when the building was placed on the block in early 2018.

In terms of share value, 80.82% of the owners gave the go-ahead for the sale, while in terms of strata area, 81.43% allowed the public tender, the March 21 report added.

As of March 21, US$1 was equivalent to S$1.35.