No en bloc, now back to business

After its proposed en-bloc sale fell through earlier this year, Tanglin Shopping Centre is turning its attention to rejuvenating the mall and reminding shoppers it is still open for business.

The 40-year-old shopping centre took out a full-page newspaper advertisement yesterday, declaring: “We are staying”.

Management council member Anil Bhatia, who sat on the now-dissolved en bloc committee, told Today the owners have “absolutely no immediate plans” for another en bloc sale attempt.

“A lot of it depends on price,” said Mr Bhatia. “Everyone wants a good price and the market is not very good right now. If there’s an uptrend, then it’s a different matter.”

Despite a one-month extension, the shopping centre failed to attract any bidders to meet its S$1.25 billion reserve price by the September deadline.

The management council plans to focus for now on reminding shoppers that it is business as usual at the shopping centre. It is also refurbishing the space. “With the en bloc, a lot of people thought it was the end, so one of our tasks is for people to know that we are still here,” he said.

More advertisements will be run and the council is also working out a marketing strategy. “All the new malls that have come up are very comprehensive … we are a very niche mall – antiques, tailoring, restaurants – and we are going to try to market that,” said Mr Bhatia.

Source : Today – 17 Nov 2011

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