Tanglin Shopping Centre en bloc for S$868m to Indon Billionaire

General

Last Updated: Jun 25, 2022

Tanglin Shopping Centre en bloc is successful in its 4th attempt as announced on 23rd Feb 2022. It is sold at S$868 mil to Indonesia’s billionaire Sukanto Tanoto of Royal Golden Eagle (RGE). The sale price is a nice 10% premium to the reserve price of S$785 mil. The building, one of the oldest retail mall facilities in Singapore, is a prime district 10 freehold development with 364 office and retail units. Main building was completed in 1970s, while an office extension was completed in 1980s

Tanglin Shopping Centre En Bloc:

Tanglin Shopping Centre En Bloc
Image credit:google

The purchaser of Tanglin Shopping Centre is developer Pacific Eagle Real Estate (PER) who is part of the Sukanto Tanoto-owned paper, pulp and palm oil conglomerate RGE. Forbes lists RGE’s owner, Mr Sukanto Tanoto, as one of 50 richest billionaires in Indonesia for 2021.

On a land area of 313,435 square feet and assuming the building would be used fully for commercial purposes, the sale price equals $2,769 per square foot per plot ratio (psf ppr).

Tanglin Mall is strategically located at the gateway to Orchard Road and is just next to St. Regis Hotel. Orchard Road is famous for many top brand flagship stores.

Pacific Eagle is also developing Mondrian Singapore at Duxton where the vibrant Chinatown area is. This site was the former Chinatown Plaza. The a luxury lifestyle hotel is slated for completion in early 2023.

The good thing about Tanglin Shopping Centre is that it is zoned as commercial land and hence there is no additional buyer stamp duty to be paid. This freehold site allows the owner of the land to build 60% for commercial use and the rest for residential and with or without hotel uses. Hence, this offers the Pacific Eagle a lot of flexibility to either build offices, retail, residential and hotel. The plot’s gross plot ratio is 4.2. The maximum allowable building height is 20 storeys.

City Developments’ hotel arm, Millennium & Copthorne Hotels, has 34% equity stakes in 85 strata-titled lots at Tanglin Shopping Centre.

Some new condo launches in the prime district 10 to look out for are 3 Orchard By The Park, Hyll On Holland, Leedon Green, One Holland Village Residences, Park Nova, Juniper Hill, Fourth Avenue Residences, Royalgreen, Perfect Ten, Petit Jervois, Mooi Residences, One Draycott, Sloane Residences, 19 Nassim, The Hyde, 3 Cuscaden, Cuscaden Reserve, Boulevard 88, Dalvey Haus, Liberte and Nouvel 18.

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source:https://www.straitstimes.com/business/property/tanglin-shopping-centre-sold-to-royal-golden-eagle-for-868m-10-per-cent-above-reserve-price

source:https://www.channelnewsasia.com/singapore/tanglin-shopping-centre-sold-s868-million-4th-collective-sale-attempt-2514501


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