Third bid to sell Tanglin Shopping Centre
About 170 owners of the strata-titled Tanglin Shopping Centre are hoping third time lucky as they again try for a collective sale following attempts in 2011 and 2014.
They will elect a sale committee on Friday for the 47-year-old building, which comprises a six-storey podium of shops, eateries and medical suites, plus a 12-storey office tower. For the building to be put on the market, owners of 80 per cent of the property must sign a collective sale agreement.
The first attempt at a collective sale fell through when the reserve price of S$1.25 billion (US$915 million) was not met. The reserve price for the second attempt was $1 billion, but this attempt also failed when the consent levels were not reached before the expiry of the collective sale agreement.
Millennium & Copthorne Hotels, an arm of Singapore-listed property group City Developments, holds the largest stake in the building at 34 per cent. It signed the second collective sale agreement in November 2013.
After the sales committee is formed, a meeting will be held to appoint a marketing agent and lawyers for the latest collective sale attempt.
Meanwhile, collective sales committees have been formed at Goldhill Centre in Novena and Katong Shopping Centre with both projects aiming to set a reserve price when their extraordinary general meetings are held next month.