Golden Mile Complex eyes second collective sale at $800 mil

By
/ EdgeProp Singapore
|
March 27, 2019 12:01 AM SGT
The iconic Golden Mile Complex is up for its second collective sale attempt, with the reserve price kept at $800 million, said Edmund Tie & Co (ET&Co) which is brokering the sale. It was first put up on the market on Oct 30 last year.
With a land area of about 1.3 ha, Golden Mile Complex is zoned for commercial use under the 2014 Master Plan. The development has dual frontage along Beach Road and Nicoll Highway. DP Architects, who designed it back in the 1960s, is on board as Consultant Architect for the development as appointed by the Collective Sale Committee.
The Outline Application has been submitted to retain the existing 16-storey building, and to add a new block next to the building, according to ET&Co.
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Subject to conservation of the complex’s main building, intensification of the existing development to a total gross floor area of 85,977.5 sq m (925,454 sq ft), reflecting an equivalent plot ratio of 6.387, can be considered. This is indicated in the planning advice from the Urban Redevelopment Authority.
The property may be developed as an integrated development comprising uses such as retail, office, residential, serviced apartments and hotel. The differential premium to intensify the land use and lease upgrading premium to top up the lease to 99 years will depend on the developer’s proposed land use mix.
The tender will close on April 25.