Singapore-based developer, Pacific Eagle Real Estate, has acquired the Tanglin Shopping Centre on Orchard Road for US$645.6 million, its marketing agent Savills Singapore told local media.
The centre spans 68,512sqft and 12 stories, with two basement levels and an annex eight-storey car park. The property is located nearby the Orchard Boulevard and Orchard MRT stations.
The deal with Pacific Eagle marks Tanglin’s fourth collective sale attempt, according to Savills’ deputy managing director of investment sales and capital markets, Galven Tan.
“Tanglin Shopping Centre is one of Singapore’s earliest retail landmarks and occupies a prominent location next to the St Regis Hotel in the Orchard Road enclave,” said Pacific Eagle director Sun You Ning.
“Pacific Eagle Real Estate is honoured to have the opportunity to create an iconic development befitting the property’s heritage and its frontage along with one of our island’s most important streets.”