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In their third attempt at a collective sale, the owners of Tanglin Shopping Centre are set to elect a sale committee at the end of the week, reported the Business Times.
At least 80 percent of the owners – by both strata area and share value – must consent to the en bloc sale in order for the 47-year old building to be put on the market.
The ageing Orchard Road landmark comprises a 12-storey office tower and a six-storey podium blocks of eateries, shops and medical suites.
Its first attempt at an en bloc sale in 2011 failed when the $1.25 billion reserve price was not met, while its second attempt in 2014 fell through when the required level of consent was not achieved.
Millennium & Copthorne Hotels, City Development’s hotel arm and the biggest stakeholder in the building, was among those that signed the second collective sale agreement.
Len Hoo, the sales committee chairman of the strata-titled building’s previous en bloc sale attempt, is keen to sell given the rising maintenance cost of the building due to its old age.
“The building is not in tip-top condition and it’s time to rejuvenate it,” noted Hoo, who also serves as the managing director of C T Hoo which owns a jewellery shop and an office unit in Tanglin Shopping Centre.
Once the sales committee is formed, another meeting will be set to appoint the lawyers and marketing agent for the sales attempt.
Aside from Tanglin Shopping Centre, other commercial properties eyeing to join the collective sale bandwagon include Katong Shopping Centre in Mountbatten Road and Goldhill Centre in Novena.
Both projects have already formed their respective sales committees and are now looking at setting a reserve price at extraordinary general meetings to be held next month.
This article was edited by Keshia Faculin.
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