Far East Organization, Perennial Holdings make $700 mil offer for Golden Mile Complex

SINGAPORE (EDGEPROP) - A consortium led by Far East Organizaton and Perennial Holdings has made a $700 million offer for Golden Mile Complex, located on Beach Road. The strata-titled, mixed-use development, which is gazetted for conservation, was put up for collective sale last year at a reserve price of $800 million. The tender closed at the end of February, with the building’s collective sale committee (CSC) subsequently entering into private treaty negotiations.

See also: Golden Mile Complex: Test case for collective sale and conservation)

The development had previously been put up for collective sale in 2019, also at a reserve price of $800 million. The latest offer from Far East Organization and Perennial Holdings will require the consent of at least 80% of the owners of Golden Mile Complex.

Golden Mile Complex has a total of 411 strata-titled shops, 226 offices and 68 residential units, with 99-year leases dating from 1969. The property currently sits on a land area of 1.3ha and is zoned for commercial use under the URA Master Plan 2019. The development has dual frontage along Beach Road and Nicoll Highway. (Find Singapore commercial properties with our commercial directory)

The 16-storey development was completed in 1973 and was built on one of the earliest government sale (GLS) sites on the newly reclaimed Beach Road, coined as the “Golden Mile” as it refers to the strip of land between Nicoll Highway and Beach Road.