M&C puts Tanglin Shopping Centre up for sale

Millennium & Copthorne Hotels said its unit has signed a collective sales agreement to put Tanglin Shopping Centre up for sale.

Under the terms of the agreement, a sales committee has been authorized to negotiate and finalize the collective sale of the shopping-cum-office development situated at Tanglin Road.

This sales committee has also been authorised to enter into a sale and purchase agreement on behalf of the owners of units in Tanglin Shopping Centre which have signed the agreement.

M&C’s unit, King’s Tanglin Shopping owns 85 freehold strata units comprising both retail and office units as well as 325 carpark lots in Tanglin Shopping Centre which have been held as a long-term investment since 1981.

The hotelier said discussions regarding the potential sale are still at an early stage.

Source : Channel NewsAsia – 16 Jun 2010

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