Indonesian billionaire Sukanto Tanoto's firm lists Singapore building for sale at $91M

Pacific Eagle Real Estate, part of the Tanoto family’s portfolio, has launched an expression of interest to sell the freehold mixed-use development in Bukit Timah, according to exclusive marketing agent Cushman & Wakefield, as reported by The Edge Singapore.

The property, located at 551 to 553 Bukit Timah Road and 6 to 8B Duke’s Road, is fully leased. Tenants include Atlas Coffeehouse, Hello Arigato cafe and co-living operator The Assembly Place.

The property at 551 to 553 Bukit Timah Road and 6 to 8B Duke’s Road is highlighted. Photo by Cushman & Wakefield

The site was acquired in 2021 through a collective sale by Hillcrest Investments, an affiliate of Pacific Eagle Real Estate, the private real estate investment and development arm of Tanoto and his family.

Pacific Eagle Real Estate has since acquired an adjacent parcel of remnant state land, expanding the site to about 1,712 square meters. The land is zoned for both commercial and residential use.

Hillcrest Investments had sought planning approval from the Urban Redevelopment Authority for a five-storey mixed-use redevelopment, comprising two storeys with a mezzanine for commercial use and three storeys with an attic for residential units. Approval was granted in November 2023 and has been extended until 2027.

The proposed development includes six strata commercial units approved for food and beverage use, along with residential units on the upper floors.

"From time to time, we rebalance our portfolio to optimize capital allocation. With key value-enhancing milestones achieved since 2021, we believe this is an opportune time to evaluate options for the asset," a Pacific Eagle Real Estate spokesperson told The Business Times.

Shaun Poh, executive director of capital markets at Cushman & Wakefield, said the new freehold strata retail and F&B units would offer buyers a "unique opportunity to establish a presence in this highly sought-after area."

Investors may also retain the property as an income-generating asset while land-banking for future development potential, he added.

Tanoto owns Singapore-headquartered Royal Golden Eagle, a group with businesses in pulp and paper, viscose fiber, palm oil and energy operations in Indonesia, China, Brazil, Canada, Spain and Malaysia. He has a net worth of $4.2 billion, according to Forbes.