After the first failed attempt to sell Tanglin Shopping Centre last year, the Centre has been placed on the market again for en bloc sale.
The 173 owners of the property would meet next month to set up a sale committee that will hire a property agent and lawyer for the sale.
The price placed on Tanglin Shopping Centre in the first attempt was S$1.25 billion, or S$4,000 per square feet of the potential gross floor area (GFA), if the 68,512 square feet freehold site is redeveloped.
The location of the property is expected to attract attention of developers. Nicholas Mak, Research Head at SLP International, stated that all developers would have their own ideas of what a reasonable price is.
H added that there was not any changes in the market from the last the Centre was placed on the market, and that if the same price was asked, the same response should be expected.
Since they can no longer compete with the newly built shopping centres, the owners of Tanglin Shopping Centre decided to sell it off, said Len Hoo, a member of the pro-tem sale committee.
Another member of the committee, Anil Bhatia, said that their property did not have a supermarket, a foodcourt, etc. which new shopping centres have and people desired to go such places.
Tanglin Shopping Centre has primarily specialty stores, like jewellery and art shops.
In the meantime, Mr Hoo, Managing Director of family firm C. T. Hoo, owner of an office unit and a jewellery shop in the centre, said the cost of maintenance was another reason. He observed that the mall was well over 40 years old and costs kept on rising — maintenance cost of escalators, air-conditioning, the lift, and electrical.