Owners Are Now in a Buoyant Mood as They Enter the Last Few Stages of the En Bloc Sale Process
The Golden Mile Complex, a prominent sale site that made one of the biggest headlines in the en bloc market, had obtained a sale order from the (STB) Strata Titles Board on August 3.
Edmund Tie, their appointed marketing agent, announced the news.
According to the terms of the sales and purchase agreement, the mixed-use development’s legal completion is slated for November of this year, and developers will get vacant possession in May of 2023.
In May 2022, a consortium comprised of Far East Organization, Perennial Holdings, and Sino Land paid S $700 million for the nearly 50-year-old development.
The 16-storey commercial building, constructed in 1973, was the first contemporary, sizable strata-titled complex to be gazetted for conservation due to its historical and aesthetic value last year.
It presently has a gross floor area (GFA) of 56,000 square meters (sq m) and can hold 718 strata units, including strata lots for car parks, a swimming pool, and stores, offices, and residences.
Owners will get gross sale proceeds ranging from about S$119,000 to S$31 million depending on the property type and unit size, according to a news release from Edmund Tie.
Meanwhile, the owners of Chuan Park condo, which sold en bloc recently for a massive amount of S$890 million, which is the highest collective sale in 2022, are now waiting for a sale order from STB.