Retail shop at Golden Mile Tower up for auction at $8 mil
Golden Mile Tower is a strata-titled mixed-use development along Beach Road in District 7 (Photo: Albert Chua/The Edge Singapore)
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A retail shop at Golden Mile Tower is up on the auction block at ETC’s upcoming property auction on Nov 26. The property, comprising two strata retail units, has a guide price of $8 million. This works out to around $2,142 psf on its combined strata area of 3,735 sq ft.
Offered as an owner’s sale, this is the first time the property is being auctioned, says Robert Foo, associate director of auction and sales at ETC. The property will be sold with tenancy and is currently occupied by a karaoke lounge, which has recently extended its lease.
Foo highlights that the property, situated on the first floor of Golden Mile Tower, benefits from prominent visibility, especially to users of the multi-storey carpark. He says the property should attract keen interest due to the rarity of strata units of this size. “We expect prospective buyers to include investors seeking steady rental returns and end-users looking to operate a karaoke lounge,” he adds.
The property, which is made up of two strata units, has a combined strata area of 3,735 sq ft (Photo: ETC)
Based on caveats lodged with the URA, the latest retail transaction in Golden Mile Tower was the sale of a 205 sq ft unit on the first floor, which sold for about $335,000 ($1,638 psf) in July 2024.
Before that, a smaller 194 sq ft retail unit was sold for about $301,888 ($1,558 psf) in October 2022, while a 183 sq ft retail unit on the second floor transacted for about $350,000 ($1,913 psf) in May 2022.
Golden Mile Tower is a strata-titled mixed-use development along Beach Road in District 7. The 99-year leasehold development is a short walk from Nicoll Highway MRT Station on the Circle Line. It sits amid a cluster of residential and commercial developments, including The Golden Mile (formerly known as Golden Mile Complex), next door, which was gazetted for conservation in 2021 and is currently undergoing restoration and upgrading works.
Jointly developed by Perennial Holdings and Far East Organization, The Golden Mile is the commercial component of the larger Golden Mile Singapore mixed-use development, which includes the 188-unit residential tower Aurea. The commercial units were launched last December, while Aurea launched in March.
Owners at Golden Mile Tower have made three collective sale attemps (Photo: ETC)
Owners at Golden Mile Tower have made three collective sale attempts. The most recent one took place in August 2024, when the development was put on the market with a reserve price of $556 million. The price was lower than the previous attempts in 2023, when it was launched for sale for $600 million, and in 2022, when it had a price tag of $650 million.
In January, URA had indicated that it may offer bonus gross floor area for the redevelopment of Golden Mile Tower, subject to the voluntary conservation of its existing cinema block
Check out the latest listings for Aurea properties
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