14 December 2021 – Savills Singapore, as the exclusive marketing agent, is pleased to launch Tanglin Shopping Centre at 19 Tanglin Road for sale by public tender on 14 December 2021.
Enjoying a very prominent frontage of approximately 105 metres along Tanglin Road as well as a secondary frontage on Cuscaden Road, Tanglin Shopping Centre is currently a 12-storey commercial complex with 2 basement levels and an annex 8 storey carpark. In the main complex, retail and office units are located from Basement 2 to the 6th storey of the podium block while the 7th to 12th storey of the tower block consists of office units. Carpark lots are available in the Basement 1 and Basement 2 of the main complex and at the annex 8-storey carpark building. Built in 2 phases, the main complex was completed in the 1970’s while the office tower extension was completed in early 1980’s. The development has 364 units.
The Freehold 68,512 sq ft site is zoned ‘’Commercial’’ with an allowable gross plot ratio of 4.2 under the 2019 Master Plan, and has a height control of up to 20-storeys. Tanglin Shopping Centre has an existing verified gross floor area (GFA) and development baseline of approximately 313,435 sq ft (PR 4.57).
With exciting plans to link the arts, entertainment and shopping experience of Orchard Road as a lush urban corridor, Tanglin Shopping Centre is strategically placed to benefit from the transformation. Enjoying dual road access from Tanglin Road and Cuscaden Road, the development overlooks Singapore’s most prestigious residential neighbourhood, Nassim Road, predorminantly low-rise developments and has unblocked access to the luscious green landscapes. The regularly shaped site allows developers the flexibility of multiple development options ranging from office, luxury retail, residential and hotel.
Well served by the public transport network with a mere 6 and 9 minutes’ walk from Orchard Boulevard MRT and Orchard MRT stations respectively, the site offers unrivalled access to the Central Business District and Marina Bay. The site is also seamlessly connected to a plethora of amenities including the famed Orchard Road shopping belt, renowned medical establishments like Camden Medical Centre and Gleneagles Hospital, exclusive private clubs such as Tanglin Club and The American Club, and Singapore Botanic Gardens, an 82-hectare of tropical paradise.
Sitting next to iconic residential developments such a St Regis Residences, the upcoming Edition Hotel and Boulevard 88 residences, Tanglin Shopping Centre differentiates itself from other retail malls along Orchard Road in terms of its core primary catchment. This places the commercial site and its future tenants in an enviable position with unrivalled immediate demand. As a magnet for travellers, the site is also amongst a cluster of highly acclaimed hotels such as the Four Seasons and St Regis Singapore. Upcoming hospitality projects slated for opening in 2022 in the nearby vicinity includes 142-rooms Artyzen Cuscaden Singapore and 204-rooms Edition Hotel Singapore. Given the vast provision for hospitality and retail in the area, the future development on the site is bound to be a key attraction for international travellers.
The guide price is $828 million which works out to $2,642 per plot ratio assuming full commercial usage. Another development alternative is 60 percent of the total GFA is for commercial use and the remaining 40 percent GFA is for residential and/or hotel uses.
Jeremy Lake, Managing Director, Investment Sales & Capital Markets, said: “Currently the only commercial site available in Orchard, Tanglin Shopping Centre is a compelling opportunity for multiple development options comprising predorminantly commercial uses but also including the possibility of hotel and residential. The Commercial zoning means there is no Additional Buyers’ Stamp Duty payable by the successful bidder.”
Galven Tan, Deputy Managing Director, Investment Sales & Capital Markets, shared: “Being a freehold commercial site, Tanglin Shopping Centre is truly a unique opportunity for local and international developers. The buyer will have the flexibility and ability to curate an iconic mixed used development in the most prime street in Singapore, and overlooking the lush tree lined boulevard of Nassim Road, Singapore’s most prestigious residential address.”
The tender closes on Tuesday, 22 February 2022, at 3pm.