Pacific Eagle Real Estate pays $645m for Tanglin Shopping Center in Singapore

Pacific Eagle Real Estate, a Singapore-based developer privately held by the Tanoto family —which founded Royal Golden Eagle with businesses in pulp and paper, palm oil and energy — has paid S$868 million ($644.6 million) for Tanglin Shopping Center, Singapore. Savills Singapore represented the seller.

The building sits on a freehold site of 68,512 square feet, with a plot ratio of 4.2 under the 2019 master plan. It is zoned commercial, which means it could be redeveloped into a new commercial building with 60 percent of the gross floor area for commercial use and the remaining 40 percent for residential and serviced apartment or hotel use. The new development can be as many as 20 stories.

The main six-story complex of Tanglin Shopping Centre was built in 1972, with the office block from seventh to 12th floor on the right and the annex block housing the carpark at the rear built in the 1980s.