Tanglin Shopping Centre En Bloc Sale 2021

Tanglin Shopping Centre, a district 10 prime site has launched en bloc tender on December 14.

According to Savills, this is the owners fourth attempt at collective sale and 80 per cent mandate was secured in November this year.

The 19 Tanglin Road freehold property has a land rate of $2,642 per square foot per plot ratio (psf ppr) based on the guide price set by the owners of S$828 million.

One of the major consenters is Millenium & Copthorne Hotels, the hotel arm of City Developments’ which has about 34% stakes or 85 strata-titled lots in TSC.

Savills’ deputy managing director for investment sales and capital markets, Mr. Galven Tan, said: “Tanglin Shopping Centre is a unique opportunity for local and foreign developers since it is a freehold commercial property.

The buyer would have the freedom to design an iconic mixed-use property on Singapore’s most exclusive residential location, Nassim Road.”

The public tender for TSC site will close on Feb 2022, at 3pm.

Galven Tan, the investment sales and capital markets deputy MD of Savills while talking about TCS’s potential for redevelopment mentioned that since it is located in a commercial zone under the URA (Urban Redevelopment Authority) guidelines, no ABSD or additional buyer’s stamp duty will be applicable.

Under the URA guidelines, a property zoned commercial will use lesser than 60% for commercial purposes while 40% can be used for a six-star hotel or a luxury residential property.

According to market watchers, if 40% of the property is used for alternative purposes, the reserve price will get translated to about S$2,700 per square foot per plot ratio which will also include any development charge.

The prime site currently offers an unobstructed view of the Botanic Gardens and has a land area of 68,512 sq. ft.

There is a huge array of amenities around the freehold site and is near to several eateries, malls and entertainment outlets.

Tanglin Shopping Centre is also within short distance to Cold Storage Supermarkets, La Tanglin Boulangerie, Paragon Market Place and Jason’s, The Gourmet Grocer.

The nearest railway station Orchard, southeast from the enbloc site, is just 550 metres away.

A few Hong Kong based developers have already started talking to architects about the prospects of the site, added by Mr. Tan.  

TSC is nearly 50 years old and has 360 strata of office and retail units. It comprises of 12 storey office block and also a 6-storey retail block with additional basement car parking facility.

There is also a multi-level car park in the premises. The overall strata area is about 230,000 square feet.

Currently under the URA Master Plan, 4.2 is the plot ratio of the property along with a minimum height limitation of 20 storey.

Having earlier attempted similar collective sales in 2011, 2014 and 2017, this is TSC’s fourth en bloc sale attempt.

During the 2011 sale, the reserve price set by the owners was S$1.25 billion, was unfortunately not met.

During its 2^nd and 3^rd attempts, no public tender was staged.

Hoo Len Yuh, the chairman of TSC’s collective sale committee said that this time they have used a fair apportionment method which should help them get more support.

He added that if the apportionment method is accepted then there it will make a lot of difference.

Ming Arcade (TCS’s Neighbour), another freehold strata-titled property close to TSC is also going the collective sale route.

The seven-storey building was inaugurated in the 1980s.

The building also has 3 storeys of basement which is situated near the meeting point of Cuscaden Road and Orchard Road.