SINGAPORE: Tanglin Shopping Centre has been sold for S$868 million after its fourth collective sale attempt, its marketing agent Savills Singapore said on Wednesday (Feb 23).
The building was sold to Pacific Eagle Real Estate, a Singapore-based developer privately held by the Tanoto family, which has founded and managed a range of businesses that produce natural fibers, edible oils, green packaging and natural gas under the Royal Golden Eagle group of companies for over 50 years.
The price works out to S$2,769 per square foot per plot ratio, assuming full commercial usage.
“This 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.
"ICONIC" DEVELOPMENT, SEAMLESSLY CONNECTS AMENITIES
Tanglin Shopping Centre, a freehold site, stands at 68,512 sq ft. It is zoned "commercial" with an allowable gross plot ratio of 4.2, and has a height control of up to 20 storeys.
The shopping centre is currently a 12-storey commercial complex with two basement levels and an annex eight-storey car park. There are 364 units in the building.
The main complex of the building was built in the 1970s, while the office tower extension was completed in early 1980s.
In the main complex, retail and office units are located from Basement 2 to the sixth storey of the podium block, while the seventh to 12th storeys of the tower block comprise office units.
“Tanglin Shopping Centre is one of Singapore’s earliest retail landmarks and occupies a prominent location next to the St Regis Hotel in the Orchard Road enclave. Pacific Eagle Real Estate is honoured to have the opportunity to create an iconic development befitting the property’s heritage and its frontage along one of our island’s most important streets," said Mr Sun You Ning, director at Pacific Eagle Real Estate.
Pacific Eagle Real Estate previously purchased en bloc Chinatown Plaza, which is now being redeveloped into a luxury lifestyle hotel, Mondrian Singapore Duxton.