Sale of Tanglin Shopping Centre drags on

The sale of Tanglin Shopping Centre will drag on for at least another month.

Millennium and Copthorne Hotels (M&C Hotels) said in a statement released yesterday that the collective sale agreement for the potential sale of Tanglin Shopping Centre – with a price tag of about S$1.25 billion – has been extended by one month until Sept 26.

The collective sale of Tanglin Shopping Centre was revealed in June last year. M&C Hotels, whose chairman is Kwek Leng Beng, has an approximately 34 per cent interest in the total strata area of the centre.

It is understood that the sales committee of Tanglin Shopping Centre had been negotiating with prospective buyers, and had until last Thursday to conclude a sale by private treaty, failing which the collective sale agreement would expire on Aug 26.

Hotelier Ong Beng Seng is believed to also own a substantial stake in the property.

Source : Today – 31 Aug 2011

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