Golden Mile Complex up for second en bloc bid at S$800 million

Golden Mile Complex up for second en bloc bid at S$800 million

The iconic Golden Mile Complex has been put up for collective sale for a second time.

The reserve price for the property is S$800 million, said marketing agent Edmund Tie & Company on Wednesday (Mar 27). This is unchanged from the previous tender which closed on Jan 30 without any buyers.

Completed in 1973, the signature step-terraced building located along Beach Road and Nicoll Highway is deemed to have heritage value, and authorities are in the process of exploring options to facilitate conservation.

This means potential developers could face constraints in developing the site.

However, the Urban Redevelopment Authority (URA) recently issued advice to provide greater clarity on the conservation requirements, allowing more flexibility in the adaptive reuse of the development.

It was reported last year that the building may not be demolished, as an outline application has been submitted to retain the existing 16-storey building, with the addition of a new block next to it.

Under URA’s Master Plan 2014, the property is zoned for commercial use. It may be developed as an integrated development comprising retail, office and residential space, as well as serviced apartments and a hotel.

“It is possible to integrate the new development sensitively with the old so that the history of the building can enhance the sense of place and bring value to the whole development,” said Ms Chan Hui Min, director of DP Architects, the consultant architect for the development, as appointed by the Collective Sale Committee.

“The Golden Mile Complex is an architectural icon that many people think is important to the public memory of Singapore. It has many features that one would rarely find in new buildings today.”

The differential premium and lease upgrading premium to intensify the land use and top up the lease to 99 years will depend on the developer’s proposed land use mix, said the marketing agent.

The tender exercise will close on Apr 25 at 3pm.

Source: Channel NewsAsia – 27 Mar 2019

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