In May this year, a joint venture comprising Perennial Holdings, Sino Land, and Far East Organisation bought the landmark development for $700 mil. (Picture: Samuel Isaac Chua/The Edge Singapore)
SINGAPORE (EDGEPROP) - The next step towards the conclusion of the collective sale of Golden Mile Complex has been reached and the Sale Order has been obtained from the Strata Titles Board on Aug 3.
According to a press release by Edmund Tie, the marketing agent who brokered the $700 million collective sale deal, the legal completion is scheduled to be in November 2022 and vacant possession of the development will be handed over to the developers in May 2023.
In May this year, a joint venture comprising Perennial Holdings, Sino Land, and Far East Organisation exercised the option of the collective sale under a private treaty sale. Perennial Holdings has a 50% stake in the joint venture, while Sino Land and Far East Organization each hold a 25% stake.
Each of the owners at Golden Mile Complex is expected to walk away with gross sale proceeds ranging from $119,000 to $31 million, depending on property type and unit size.
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