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 S$868 million (US$645 million) as the developer privately held by the Tanoto family ramps up its real estate investments in the Asian financial hub. The deal was reported by Savills Singapore, the exclusive marketing agent of Tanglin Shopping Centre, on 23rd February.
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“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 honored 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-story Tanglin Shopping Centre sits on a 68,512 square feet 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. The property can be redeveloped into a commercial development, with a maximum height of 20 stories and an allowable gross plot ratio of 4.2 times, according to Savills Singapore.
Specifically in Singapore, Pacific Eagle Real Estate previously purchased en bloc 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.
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The sale of Tanglin Shopping Centre remains subject to the Strata Titles Board’s approval.