Golden Mile Complex en bloc successfully sold at S$700 million to Far East Organization, Perennial Holdings and Sino Land. This came after an overwhelming response of more than 80% for the en bloc was garnered from owners of Golden Mile Complex.
NEWS FLASH ON 27 APRIL 2022:
S$700 million Golden Mile en bloc sale gets over 80% of owners consenting to the sale. Hence, the iconic development is a step closer to its en bloc sale. The collective sale committee has been given up to 9th May 2022 to exercise its option under the conditional agreement.
NEWS FLASH ON 30TH MARCH 2022:
A consortium, Far East Organisation and Perennial Holdings, offered S$700 million for the en bloc of Golden Mile Complex, Beach Road at the close of the tender on 28th Feb 2022. The reserve price was S$800 million.
The owners will come together with their marketing agent to learn more about the proposal of the tender for the 718 units at Golden Mile Complex on 7th and 9th April 2022. As the bid is still ongoing, no further details have been provided.
Golden Mile Complex en bloc attempt again at the same reserve price of $800 million as its last collective sale failed to secure any successful bid. February 28, 2022 will see the close of the tender.
Golden Mile Complex en bloc:
Image credit: businesstimes
In October 2018, its owners attempted to sell the property en bloc, but both tenders in that round failed to attract buyers.
The building was designated as a conservation building in October 2021. The complex houses 718 units in a 16-storey building. The remaining lease is 47 years.
In August 2019, the collective sale recommenced.
At the price tag of $800 mil, the indicative land rate would be $1,350 per square foot per plot ratio (ppr psf). This includes topping up of lease and differential premiums.
A maximum gross floor area of 81,000 square metres is expected for the site. An additional 30-storey tower can also be built alongside the conserved building.
Developers need to adhere to the conservation guidelines for the Golden Mile Complex. Urban Redevelopment Authority (URA) is giving additional perks. These include a partial tax exemption for new additional floor space, an increase of one-third in floor area with full tax exemption for floor space that is conserved, refreshing of lease back to 99 years and the possibility of adjusting the boundaries of the 1.3 ha parcel.
It is the Singapore government’s intention to revitalise this iconic landmark Golden Mile Complex. It is inviting developers to submit their bids to realise the full potential of this historic building.
The Golden Mile Complex is zoned for commercial uses, so additional buyer’s stamp duty (ABSD) is not needed to be paid. In addition, ownership by foreign nationals is allowed.
The Golden Mile Complex was constructed in 1973 and is the first major complex to be preserved in the neighbourhood. Signature features of this building include slanted beams, step terraces and staggered staircases.
As part of the present tender, a feasibility study of the Golden Mile Complex will be launched by URA so as to assist potential tenderers in incorporating restoration works into their proposal evaluation.
Singapore New Condos Nearby
Beach Road, where Golden Mile Complex is located, is in close vicinity to some Singapore condo launches residing in district 7 such as Midtown Modern, Midtown Bay and The M. Both Midtown Modern and Midtown Bay are developed by renowned developer, GuocoLand, while The M is developed by an equally established developer, Wing Tai. There is another development across the Sungei Kallang which has already obtained its TOP and is available for immediate move-in is Kallang Riverside. This lovely condo in Singapore sits just in front of the sea and is over 94% sold.
With so many different and exciting new condo launches in the Singapore property market, it will not be easy for you to decide which new launch condo is suitable for your purchase. Allow us to help you assess your finances, plan your priorities and determine your best options. Thereafter, we will go and view the list of developments that you have shortlisted.
Make an appointment with us today by filling in the form and we will contact you very soon.