Collective sale effort rolls again for Tanglin Shopping Centre

[SINGAPORE] Tanglin Shopping Centre is back on the en bloc market again, after several failed attempts in recent years.

Millennium & Copthorne Hotels plc (M&C), the hotel arm of City Developments Ltd, said yesterday that it has signed a collective sale agreement on its 34 per cent interest in Tanglin Shopping Centre's share held through a wholly owned subsidiary.

M&C said that an independent sales committee comprising representatives of the unit owners has been authorised to obtain the necessary approvals from other owners to market the property and prepare it for a sale. At least 80 per cent of owners must agree to a collective sale before further action can be taken.