Tanglin Shopping Centre En Bloc Sale 2021

Tanglin Shopping Centre Going for Collective Sale in 2021

Tanglin Shopping Centre or TSC, a prime site in district 10 is going for an en bloc sale in 2021 and owners are hoping to attract a buyer soon.

TSC has a reserve price of S$785 million set by the owners. In a per square foot ppr (per plot ratio), the land price will be about S$2,500 considering the fact that the gross floor area or GFA is 313,000 sq ft

Currently, about 60% owners, both strata area as well a share value owners, have signed the collective sale deal agreement.

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. However no official comment has been recorded from them.

For a collective sale to go under tender, at least 80 per cent of existing owners must consent. As of now, the marketing agent for taking forward the deal is Savills.

Tanglin Shopping Centre Site Within Orchard Road
Located in The Vicinity Of Orchard Road, Tanglin Shopping Centre Site Has One Of Best Business Location And is Surrounded By Huge Range Of Amenities

TSC Redevelopment Plan and Site Information

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.

TSC’s Fourth Attempts At Collective Sale

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 2nd and 3rd 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.

Tanglin Shopping Centre En Bloc Details

Tanglin Shopping Centre En Bloc Sale 2021 Pinterest
  • Status: Progressing (Aiming 80%)

  • Tenure: Freehold

  • Land Size:  68,512 sq ft

  • Gross Plot Ratio: 4.2

  • Gross Floor Area: 313,000 sq ft

  • Property Address: 19 Tanglin Road

  • Nearest MRT: Orchard

  • District: 10

  • Marketing Agent: Savills

  • Reserve Price: S$785 million

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