Golden Mile Tower En Bloc 2023 Beach Road Collective Sale

On April 7, Golden Mile Tower, a prime commercial site, will be relaunched for collective sale with a S$600 million reserve price.

This comes after its first en bloc effort, which ended on January 9 without a sale at an approximate price of S$650 million.

According to ERA Realty, the appointed marketing agent, three parties expressed interest in the development during a private treaty negotiating phase, but none were able to meet the reserve price of S$600 million.

On November 18 of last year, Golden Mile Tower was put up for collective sale.

The Golden Mile Tower site has a gross floor area of 38,953.72 sq m on a lot of 8,727 sq m. The property’s asking price is equivalent to S$1,550 per square foot at a plot ratio of 4.46.

Depending on the size of their units, owners of the retail units will receive an approximate sum of between S$400,000 and S$16 million apiece if the reserve price is met.

The amount given to office owners ranges from S$587,000 to S$13.5 million.

The commercial development is made up of 405 strata lots totalling 251 retail units, 152 office apartments, a movie theatre, and a parking lot.

The 22-storey building, which is slated for commercial use in the 2019 Master Plan, has around 46 years remaining on its lease.

Golden Mile Tower, located at 6001 Beach Road in prime District 7, was finished in 1974, a year after its sister structure, Golden Mile Complex.

The latter was successfully sold en bloc to a group consisting of Perennial Holdings, Sino Land and Far East Organization for S$700 million in May last year.

It was the first contemporary large-scale strata-titled property to be gazetted for conservation in 2021.

Golden Mile Tower’s second bid round will expire on May 8.