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$828 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.
“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,” he added.
The shopping centre is located next to residential developments such as St Regis Residences, the upcoming Edition Hotel and Boulevard 88 residences.
It is also in the vicinity of a cluster of hotels such as the Four Seasons and St Regis Singapore. Upcoming hospitality projects slated for opening in 2022 in the area includes the 142-room Artyzen Cuscaden Singapore and 204-room Edition Hotel Singapore.
The site is also a 6- and 9-minute walk from Orchard Boulevard MRT and Orchard MRT stations respectively and is easily accessible from the Central Business District and Marina Bay. Nearby amenities include the Orchard Road shopping belt, medical establishments like Camden Medical Centre and Gleneagles Hospital, private clubs such as Tanglin Club and The American Club, and Singapore Botanic Gardens.
Galven Tan, deputy managing director for investment sales and capital markets at Savills, said: “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.”