Singapore-based real estate investor and developer, Pacific Eagle Real Estate, has agreed to buy the Tanglin Shopping Centre in Singapore’s Orchard Road shopping belt for US$645M.
“Tanglin Shopping Centre is one of Singapore’s earliest retail landmarks and occupies a prominent location right next to the St. Regis Hotel in the Orchard Road enclave. Pacific Eagle is honoured to have the opportunity to create an iconic development befitting the property’s heritage and its frontage along one of Singapore’s most important streets,” said Sun You Ning, Pacific Eagle Real Estate Director.
Built in the 1970s, the 12-storey Tanglin Shopping Centre sits on a 68,512sq ft freehold land plot along Tanglin Road and Cuscaden Road near renowned medical establishments such as Camden Medical Centre and Gleneagles Hospital as well as exclusive private clubs such as the Tanglin Club and the American Club.
Specifically in Singapore, Pacific Eagle Real Estate previously purchased Chinatown Plaza at 34 Craig Road, which is now being redeveloped into Mondrian Singapore Duxton, a luxury lifestyle hotel that will combine historic architecture from Singapore’s centuries-old shophouses with modern, contemporary influences. A more recent purchase is a building at Duke’s Road, with attractive redevelopment potential given its location along Bukit Timah Road near the Botanic Gardens.
The sale of Tanglin Shopping Centre remains subject to the Strata Titles Board’s approval.
