Golden Mile Complex Sold For $700m, Developers To Restore Building

Published: May 09, 2022 by 
PropertyGiant Singapore
The sale comes after more than 80 per cent of Golden Mile Complex owners agreed to take $700 million for the landmark building. Credit: Eugene Goh
The sale comes after more than 80 per cent of Golden Mile Complex owners agreed to take $700 million for the landmark building. Credit: Eugene Goh

SINGAPORE - Conservation landmark Golden Mile Complex has been sold for $700 million to a consortium comprising Perennial Holdings Private Limited, Sino Land and Far East Organization.

Announcing the sale in a joint statement on Friday (May 6), the consortium said this was the first collective sale of a large-scale strata-titled conserved building in Singapore.

It happened after more than 80 per cent of Golden Mile Complex owners agreed to take $700 million for the landmark building within "a record time of 15 days", the development's marketing agent, Edmund Tie & Company, said in a letter to owners on April 23.

This was $100 million less than the original $800 million reserve price.

The first attempt to sell the complex at a reserve price of $800 million ended in 2019 with no bids.

The sale is subject to approval by the Strata Titles Boards.

As the building is gazetted for conservation by the Urban Redevelopment Authority (URA), the consortium said: "The existing building will be sensitively restored, and special attention will be paid to retaining the main building's key features and its signature terraced profile."

The joint venture will also explore transforming the building into a mixed-use integrated development with office, retail and residential components.

URA had offered incentives to make development options for Golden Mile Complex more attractive to buyers concerned about the constraints imposed by conservation rules. These include a one-third increase in floor area with a waiver of part of its development charge.

Property analysts had told The Straits Times that incentives such as higher plot ratios are needed to support the economics of a collective sale, although this may not be true for every conservation project, as each one is different and any incentive package would have to be tailored.

The Golden Mile Complex redevelopment effort could provide the blueprint for conservation of other similar buildings, such as People's Park Complex and People's Park Centre.

Perennial Holdings chief executive Pua Seck Guan said the Golden Mile Complex project will supplement the ongoing rejuvenation of Beach Road and the Ophir-Rochor corridor.

"As the owner of renowned historic landmarks in Singapore, all of which comprise gazetted conservation buildings or national monuments, we are excited to add another distinctive property to our real estate portfolio," he said.

Its previous conservation projects include Capitol Singapore, comprising Stamford House, Capitol Building and Capitol Theatre, as well as Chijmes.

Mr Marc Boey, executive director of property services at Far East Organization, said it will continue to build on the landmark's rich history and memory.

He added: "As one of Singapore's pioneer developers with numerous award-winning urban conservation projects, Far East Organization is pleased to be part of rejuvenating one of Singapore's most iconic landmarks."

The real estate developer's conservation project portfolio includes The Barracks Hotel, Mess Hall and Events Centre in Sentosa Island, as well as Far East Square, boutique hotel Amoy and Townerville, a cluster of colonial and ethnic-style terrace houses built in the 1920s.

Meanwhile, Sino Group, parent of Hong Kong-listed Sino Land, developed The Fullerton Heritage Precinct, which comprises The Fullerton Hotel Singapore, One Fullerton, The Fullerton Waterboat House, Clifford Pier, The Fullerton Bay Hotel, Customs House, and The Fullerton Pavilion.

Credit: Straits Times

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