Pacific Eagle Real Estate owned by the family of Indonesian lumber tycoon Sukanto Tanoto has acquired the Tanglin Shopping Centre in Singapore’s Orchard Road area at a 10 percent premium over the reserve price.
The 12-storey commercial complex acquired for S$868 million ($645.6 million) via a collective sale by the strata-titled asset’s owners, including local heavyweight City Developments Ltd.
The sale of the 313,435 square foot (29,119 square metre) freehold project clears the way for redevelopment on the site along Tanglin Road and Cuscaden Road, as collective sales of Singapore commercial assets continue to surge.
“This is the fourth collective sale attempt by Tanglin Shopping Centre and Savills is excited to have achieved success for the owners,” said Galven Tan, deputy managing director for investment sales and capital markets at Savills Singapore, which served as the sole marketing agent for the complex.
With the current 1970s-era commercial and retail building occupying a 68,512 square foot site in Singapore’s busiest retail strip, Pacific Eagle paid S$2,769 ($2,059) per square foot of built area.
At that rate, the price paid for the site is the second highest ever in Singapore on a potential GFA basis, surpassed only by the S$2,910 per square foot shelled out by casino tycoon Stanley Ho’s Shun Tak Holdings in 2018.
The collective sale drew applause from CDL, which indirectly held 85 of the centre’s 363 freehold strata units through its Millennium & Copthorne Hotels subsidiary.
