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by Cheryl Tay
Tanglin Shopping Centre (pictured) is back on the market for another attempt to be sold en-bloc, following a failed effort last year, reported AsiaOne.
The development’s 173 owners are expected to meet next month to elect a sale committee that will engage a property agent and lawyer for the sale.
During its first attempt, Tanglin Shopping Centre had a price tag of S$1.25 billion, or about S$4,000 psf of the potential gross floor area (GFA), should the 68,512 sq ft freehold site be redeveloped.
The site’s prime location will likely attract strong interest from developers “but every developer will have his own ideas of what a reasonable price is,” noted Nicholas Mak, Research Head at SLP International.
“The market has not changed that much from the last time they tried — if they’re still going to ask that price, they can expect the same kind of response,” he added.
According to Len Hoo, member of the pro-tem sale committee, the property’s owners wanted to sell the property as they “cannot compete with the newer shopping centres”.
Anil Bhatia, also member of the committee, said, “People want to go to places with a supermarket, a foodcourt — we don’t have that here.”
Tanglin Shopping Centre features mainly speciality stores, like jewellery and art shops.
Meanwhile, Mr Hoo, Managing Director of family firm C. T. Hoo, owner of an office unit and a jewellery shop in the centre, said the maintenance cost is another issue, as “the mall is over 40 years old and costs keep on rising — air-conditioning, the lift, escalators, electrical costs.”
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