Golden Mile Complex En Bloc Sold – (5001) Beach Road
The Prime Beach Road Property Has Made One of the Biggest Headlines in the Collective Sale Market
Golden Mile Complex, a prime property in District 7, was sold en bloc for S$700 million after more than 80% of its owners agreed to sell.
Edmund Tie, their sole marketing agent, confirmed the news on Friday.
They also revealed the prime site has now changed hands to a consortium comprised of Perennial Holdings, Sino Land and Far East Organization.
The owners had launched for 2 en bloc tenders in the past, one in July 2019 which attract no bidders and try again this year February with no success at the same reserve price of S$800 million.
It was during their 10 weeks private-treaty sale period, an offer made by the consortium came in but at a lower price of S$700 million.
Within an astonishing 15 days after the offer was made, the 80% mandate was obtained, as reported by Edmund Tie.
Successful bidders of the Golden Mile Complex enbloc site do not have to pay the (ABSD) additional buyer’s stamp duty since the prime site is zoned for commercial use, Edmund Tie added.
The 16-storey commercial building, which was completed in 1973, was the first contemporary, large-scale strata-titled complex to be gazetted for historical and architectural importance last year.
The site has a maximum GFA of around 81,000 sq m, with the option to build a new 30-storey tower beside the main building, thanks to the bonus floor area and alienation of adjoining state land.
The Golden Mile Complex is a 99-yr leasehold property with 47 years remaining.
With a buyer found and sold, owners now enter the last few stages of the en bloc process.
Golden Mile Complex Redevelopment Plan, Incentives and Conservation
“The current structure will be sensitively restored, with specific emphasis made to conserving the main building’s major characteristics and its trademark terraced profile,” the consortium stated as the property was gazetted for conservation by the Urban Redevelopment Authority (URA).
The joint venture will also look at converting the structure into a mixed-use complex with office, retail, and residential components.
URA has given incentives to make Golden Mile Complex development options more appealing to developers concerned about conservation restrictions. A one-third increase in floor space is included, as well as a partial remission of the development charge.
According to property experts, incentives such as greater plot ratios are needed to support the economics of a collective sale, albeit this may not be true for every conservation project because each one is unique and any incentive package would have to be adapted.
The redevelopment of the Golden Mile Complex might serve as a model for the preservation of other similar structures, such as the People’s Park Complex and People’s Park Centre.
The Golden Mile Complex project, according to Perennial Holdings CEO Pua Seck Guan, will complement the current revitalization of Beach Road and the Ophir-Rochor corridor.
“We are thrilled to add another remarkable property to our real estate portfolio as the owner of recognized historic landmarks in Singapore, all of which are gazetted conservation buildings or national monuments,” he added.
Capitol Singapore, which includes Stamford House, Capitol Building, and Capitol Theatre, as well as Chijmes, are among its prior conservation initiatives.
Far East Organization’s executive director of property services, Mr Marc Boey, stated that the landmark’s rich history and memory will be preserved.
“As one of Singapore’s pioneer developers, Far East Organization is happy to be part of rejuvenating one of Singapore’s most famous sites,” he said.
The Mess Hall, Barracks Hotel, and Events Centre on Sentosa Island, as well as Far East Square, boutique hotel Amoy, and Townerville, a cluster of colonial and ethnic-style terrace homes established in the 1920s, are among the real estate developer’s list of conservation projects.
Meanwhile, The Fullerton Heritage Precinct, which includes The Fullerton Waterboat House, One Fullerton, The Fullerton Hotel Singapore, Customs House, Clifford Pier, The Fullerton Pavilion, and The Fullerton Bay Hotel, was created by Sino Group, the parent company of Hong Kong-listed Sino Land.
Golden Mile Complex En Bloc All Details
