Pearl Place has been in operation since 1973 and was once the largest shopping center in Singapore, according to the New Matinee. In 2018, the development set up a committee to try to sell the building. However, the planned sale in 2019 did not materialize due to delays in negotiations with the owner.

The nearby Pearl Tower is also up for a third overall sale. The owner's first attempt to sell the building for $1.5 billion was in 2018, but failed to secure signatures from at least 80% of the owners. In August 2021 and February 2023, the owner attempted to sell for $1.8 billion, but the sale plan failed once again due to the lack of bidders.

A new committee has now been established to manage the collective sale of the two properties. The team hopes that this sale of Pearl Place will be successful with an estimated reserve price of $1.5 billion to $1.7 billion. However, they are not prepared to share the reserve price of Pearl Place.

The collective sale committee has already begun preparations for the sale of the two Ngau Chi Wan shopping centers.

According to New Matinee, a member of the committee said they are more confident about the sale. Many shareholders have already contacted them to sell the building as soon as possible. She added that they will soon start collecting signatures from owners to meet the 80 percent minimum requirement.

She added that although the market is open, bank rates are still high and the world situation is still tense. We will see if we have the right big buyer or overseas buyer and move forward at a price that both parties feel is right.

We look forward to seeing who the eventual buyers of the two shopping centers will be.