Tanglin Shopping Centre makes 4th collective sale attempt at S$828m

Citi Commercial Pte Ltd

TANGLIN Shopping Centre is making a fourth try for a collective sale with a guide price of S$828 million, marketing agent Savills announced on Monday (Dec 13).

This works out to S$2,642 per square foot per plot ratio (psf ppr) based on the gross floor area of 313,435 sq ft. The tender closes on Feb 22, 2022 at 3pm.

Its current reserve price of S$785 million is lower than that of its earliest collective sale bid in 2011 at S$1.25 billion, which was not met. Its other 2 attempts in 2014 and 2017 did not reach the public tender stage.

With over 360 strata retail and office units, Tanglin Shopping Centre - which is over 50 years old - comprises a 12-storey commercial complex with 2 basement levels and an annex 8-storey carpark.

The freehold 68,512 sq ft site is "zoned commercial" with an allowable gross plot ratio of 4.2 under the 2019 Master Plan, and has a height control of up to 20 storeys.

Jeremy Lake, managing director for investment sales and capital markets at Savills, said that the commercial zoning means there is no additional buyers' stamp duty payable by the successful bidder.

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