Golden Mile Complex seeks to sell en bloc again

Iconic development Golden Mile Complex will today be launched for tender a second time after it closed its initial tender on its collective sale on Jan 30.

Its reserve price remains unchanged at $800 million.

Marketing agent Edmund Tie & Company declined to reveal details about the results of the first tender or when the collective sale agreement expires.

The 718-unit property in Beach Road has a land area of about 1.3ha and is zoned for commercial use under the Urban Redevelopment Authority (URA) Master Plan 2014.

The URA has earlier said that the development’s landmark main building, known for its distinctive step terrace, will have to be retained.

This caused concerns that the sale of a largely conserved building like Golden Mile Complex may be challenging, given the constraints developers could face.

However, in a statement announcing the tender launch, Ms Swee Shou Fern, Edmund Tie & Company executive director of investment advisory, said: “In the past few months, we have heard many exciting and creative ideas from developers on the adaptive reuse of Golden Mile Complex.”

It may be developed as an integrated project with a total gross floor area of almost 86,000 sq m, which was URA’s planning advice in response to Edmund Tie & Company’s outline application submitted last August.

Golden Mile Complex was completed in 1973 and has about 49 years left on its lease.

DP Architects, the firm that designed Golden Mile Complex in the 1960s, is consultant architect for the collective sale site.

Ms Chan Hui Min, the architecture firm’s director, said in the statement: “It is possible to integrate the new development sensitively with the old so that the history of the building can enhance the sense of place and bring value to the whole development.”

With a guide price of $800 million, the 68 residential owners stand to get gross payouts of between $1.27 million and $6 million each, while the 418 shop units can fetch between $200,000 and $7 million each.

Owners of the 227 office units stand to get between $360,000 and $3 million each.

The differential premium and lease upgrading premium to intensify the land use and to top up the lease to 99 years respectively will depend on the developer’s proposed land use mix.

The tender exercise closes at 3pm on April 25.

This version of article writing by Derek Wong and first appeared at The Straits Times, Business.