The building will be “sensitively renovated,” with special attention made to preserving its major features and unique terraced profile
The Golden Mile Complex was sold for S$700 million to a consortium consisting of Perennial Holdings, Sino Land, and Far East Organization, according to Edmund Tie, the complex’s sole marketing agent (May 6).
This comes after the agency obtained “overwhelming support” for the sale, with more than 80% of owners agreeing to the transaction in terms of strata area and share value in a “record period of 15 days,” according to a letter to owners delivered in April.
The landmark’s sale is contingent on the Strata Titles Board’s permission.
Ms Swee Shou Fern, Edmund Tie’s head of investment advisory, said this is the first time a significant strata-titled development has been sold as a conserved building in Singapore.
The 16-story skyscraper, which was completed in 1973, was designated as a preserved structure in October of last year due to its historical and architectural value.
Ms Swee went on to say that the sale was “achievable only with the strong support” of the 718-unit development’s owners.
Irene Loi, chairwoman of the development’s collective sale committee, described the process of concluding the deal as “long and arduous.”
She did, however, express gratitude to the government for their help in the form of conservation incentives “as a “sweetener” to make development possibilities more appealing to developers willing to take on conservation.”
These include the ability to waive some development expenses and, subject to certain permissions, the ability to renew the lease to a new 99-year lease.
She added: “The building is close to 50 years old and is showing much wear and tear, and the cost to maintain and repair the aging building has been escalating.
“The collective sale committee would like to thank the owners of Golden Mile Complex for being decisive and supportive, allowing the success of this collective sale.”
Perennial Holdings owns half of the joint venture, while Sino Land and Far East Organization each own a quarter.
The trio said in a statement that the old structure will be “sensitively restored,” with a focus on preserving its core elements and unique terraced appearance.
They’ll also look into turning Golden Mile Complex into a mixed-use project with office, retail, and residential elements.
The structure will be a “distinctive” addition to Perennial’s portfolio, which already includes numerous preserved buildings or national monuments, according to Mr Pua Seck Guan, chief executive officer. The Capitol Singapore and CHIJMES are two of them.
It is “well-positioned to bring a fresh lease on life to one of Singapore’s most iconic architectural beauties,” he added, citing its “excellent track record” in such projects and the knowledge of its partners.
The joint venture will strive to transform this “important heritage asset into a new focal point for the area,” according to Mr Marc Boey, executive director of Far East Organization’s property services section.
He added that the developers will “continue to build on the landmark’s rich history and memory.”