Tanglin Shopping Centre sold for S$868 million in 4th collective sale attempt

Savills Singapore, the mall’s marketing agent, said on Wednesday that Tanglin Shopping Centre has been sold for S$868 million after its fourth collective sale effort (Feb 23).

The building was sold to Pacific Eagle Real Estate, a Singapore-based developer owned by the Tanoto family, who has for over 50 years developed and managed the Royal Golden Eagle group of companies, which produces natural fibers, edible oils, green packaging, and natural gas.

In the case of full commercial use, the price comes to S$2,769 per square foot per plot ratio.

‚ÄúThis is the fourth collective sale attempt by Tanglin Shopping Centre … The marketing campaign ran by Savills resulted in a competitive bidding exercise which resulted in a price that is 10 per cent above the reserve price,” said Mr Galven Tan, deputy managing director of investment sales and capital markets at Savills. 

Tanglin Shopping Centre is a freehold location with a total area of 68,512 square feet. It is zoned “commercial,” with a maximum gross plot ratio of 4.2 and a maximum height of 20 stories.

The shopping centre currently consists of a 12-story commercial building with two basement floors and an eight-story auxiliary car park. The building has a total of 364 units.

The building’s main complex was constructed in the 1970s, and the office tower expansion was finished in the early 1980s.

Retail and office apartments are positioned from Basement 2 to the sixth story of the podium block in the main complex, while office spaces are located from the seventh to the 12th storeys of the tower block.

“Tanglin Shopping Centre, located opposite to the St Regis Hotel in the Orchard Road enclave, is one of Singapore’s oldest retail monuments. Mr Sun You Ning, director of Pacific Eagle Real Estate, said, “We are thrilled to have the opportunity to create an iconic development matching the property’s legacy and its frontage along one of our island’s most important roadways.”

Pacific Eagle Real Estate previously purchased Chinatown Plaza en bloc, which is presently being renovated into the Mondrian Singapore Duxton, a luxury lifestyle hotel.

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