Tanglin Shopping Centre Put Up For S$828mil En Bloc Sale
SINGAPORE – Marketing agent Savills announced that Tanglin Shopping Centre has been launched for collective sale with an indicative price of S$828 million, reported The Business Times on Monday evening (13 December, SGT).
The guide price translates to S$2,642 psf ppr based on the commercial property’s gross floor area (GFA) of 313,435 sq ft
This marks Tanglin Shopping Centre’s 4th en bloc sale attempt. However, its latest reserve price of S$785 million is down from S$1.25 billion in 2011, during which the reserve price was not met. Its other 2 collective sale attempts in 2014 and 2017 failed to proceed to the public tender stage.
The 12-storey commercial complex with two basement levels comes with an annex 8-storey carpark. The development, which is over 50 years old, consists of more than 360 strata retail and office units.
Tanglin Shopping Centre stands on a 68,512 sq ft freehold site that is zoned for commercial use, with an allowable gross plot ratio of 4.2 and has a maximum height of 20 storeys.
“Currently the only commercial site available in Orchard, Tanglin Shopping Centre is a compelling opportunity for multiple development options comprising predominantly commercial uses but also including the possibility of hotel and residential,” said Jeremy Lake, Managing Director for investment sales and capital markets at Savills.
Moreover, Tanglin Shopping Centre is just a stroll from Orchard MRT Station and Orchard Boulevard MRT Station.
“Being a freehold commercial site, Tanglin Shopping Centre is a unique opportunity for local and international developers. The buyer will have the flexibility to curate an iconic mixed-used development in the most prime street in Singapore, and overlooking Nassim Road, Singapore’s most prestigious residential address,” added Galven Tan, Deputy Managing Director for investment sales and capital markets at Savills.
The tender for Tanglin Shopping Centre will close at 3pm on 22 February 2022.
