Tanglin Shopping Centre En Bloc Sold To Pacific Eagle Real Estate Instagram

Tanglin Shopping Centre En Bloc Sold To Pacific Eagle Real Estate

Pacific Eagle Real Estate Won the Bidding War and Has Acquired the 19 Tanglin Road Prime Site for S$868 million

The Second Collective Site That Sold En Bloc in 2022

Since the launch of Tanglin Shopping Centre collective sale via public tender, it has attracted several parties and now the commercial prime site has changed hand to a new owner.

According to Savills Singapore, the sole marketing agency for Tanglin Shopping Centre, Pacific Eagle Real Estate is the buyer that bids S$868 million for the prime site which works out to a proximity of S$2,769 psf ppr.

In Singapore record book, Park House @ 21 Orchard Boulevard which sold en bloc in 2018 at a land price of S$2,910 psf ppr still hold one of the top records ever sold.

About the buyer information, Pacific Eagle Real Estate (PER), is a Singapore-based real estate investor and developer privately controlled by the Tanoto family.

The sale price of S$868 million is around 10% above the reserve price.

The commercial site launched for en bloc tender at S$828 million in December last year, tender closed on Feb 22.

Savills revealed that a total of 5 bidders attracted to the freehold site which includes Far East Organization and Perennial Holdings.

Sun You Ning, director of Pacific Eagle Real Estate, said that Tanglin Shopping Centre is located close to the St Regis Hotel in the Orchard Road enclave, is one of Singapore’s earliest prominent retail landmarks.

He added that Pacific Eagle Real Estate is ecstatic to have the chance to build an iconic development worthy of the property’s history and location on one of our island’s most vital thoroughfares.”

Pacific Eagle Real Estate Recent Purchase

The active buyer recently also bought Bukit Timah and Duke’s Road mixed-use site for S$53.9 million in December last year.

Pacific Eagle Real Estate had previously purchased Chinatown Plaza at 34 Craig Road enbloc, which is currently being transformed into Mondrian Singapore Duxton, a premium lifestyle hotel that will blend historic architecture from Singapore’s centuries-old shophouses with new, contemporary elements.

Tanglin Shopping Centre Prime Site Information

Tanglin Shopping Centre is located at 19 Tanglin Road in prime district 10 within core central region (CCR) of Singapore.

Tanglin Shopping Centre is a 12-storey commercial building with two basement levels and an annex eight-storey carpark with a frontage of around 105 meters along Tanglin Road and a secondary frontage on Cuscaden Road.

Retail and office units are spread from basement 2 to the 6th floor of the podium building in the main complex, while office spaces are located from the 7th to the 12th storeys of the tower block.

Parking spaces are provided in the main complex’s basements 1 and 2 as well as the annex’s 8-storey carpark structure.

The main complex was constructed in two phases: the main complex in the 1970s and the office tower addition in the early 1980s. There are total of 364 units in the complex.

Under the URA 2019 Master Plan, the 68,512 sq ft freehold property is designated commercial, with a maximum gross plot ratio of 4.2 and a height limit of 20 storeys.

Tanglin Shopping Centre currently has a confirmed GFA and development baseline of around 313,435 sq ft (with plot ratio of 4.57). The Orchard Boulevard and Orchard MRT stations are nearby.

Galven Tan, Savills’ deputy managing director of investment sales and capital markets, described the situation as follows: “Tanglin Shopping Centre’s fourth attempt at a collective sale has been successful, and Savills is pleased to have assisted the owners.

Savills’ excellent marketing effort resulted in a competitive bidding process that culminated in a price that is 10% more than the reserve price.”

Tanglin Shopping Centre’s owners are represented by Legal Solutions LLC’s specialty property team, which is overseen by directors Patrick Ee and Christopher Yong.

The buyers of Tanglin Shopping Centre were represented by Dentons Rodyk & Davidson LLP in the collective transaction.

In the closing comments, Savills stated that The Tanoto family has developed and managed a range of businesses that generate natural fibres, edible oils, green packaging, and natural gas for over 50 years through the RGE group of companies, which now employs 60,000 people throughout the world.

Tanglin Shopping Centre En Bloc Details
Tanglin Shopping Centre En Bloc Sold Pinterest
  • Status: SOLD

  • Tenure: Freehold

  • Land Size:  68,512 sq ft

  • Gross Floor Area: 313,000 sq ft

  • Total Units: 364

  • Gross Plot Ratio: 4.2

  • Property Address: 19 Tanglin Road

  • District: 10

  • Singapore Region: Core Central Region (CCR)

  • Nearest MRT: Orchard & Orchard Boulevard

  • Marketing Agent: Savills

  • Reserve Price: S$828 million

  • Sale Price: S$868 million

  • Date of Sale: February 2022

  • Buyer: Pacific Eagle Real Estate

  • New Development: TBA