The Straits Times, 23 Feb 2022, Wed 2:40 pm

By Grace Leong

The landmark Tanglin Shopping Centre in the Orchard Road area has been sold in a collective sale for $868 million after three failed attempts.

The buyer – a developer held by Indonesian billionaire Sukanto Tanoto’s pulp, paper and palm oil giant Royal Golden Eagle (RGE) – paid $40 million above the guide price, and about 10 per cent over its $785 million reserve price, noted marketing agent Savills Singapore. 

The $868 million price for the freehold 364-unit commercial complex works out to $2,769 per square foot per plot ratio (psf ppr) based on the gross floor area (GFA) of 313,435 sq ft and assuming full commercial usage.

Read more at: https://www.straitstimes.com/business/property/tanglin-shopping-centre-sold-to-royal-golden-eagle-for-868m-10-per-cent-above-reserve-price