Golden Mile Complex attempts second en bloc sale at $800m

Its land area of approximately 1.3 hectares and is zoned for commercial use.

Golden Mile Complex has launched its second en bloc attempt for an unchanged price tag of $800m, an announcement by marketing agent Edmund Tie & Company (ET&Co) revealed.

The property has a land area of approximately 1.3 hectares and is zoned for commercial use under Master Plan 2014. Golden Mile Complex is an iconic development occupying a prominent plot along Beach Road, and its signature step-terraced building design is said to be an architectural masterpiece and one of Singapore’s icons of urbanism.

According to ET&CO, an outline application has been submitted to retain the existing 16-storey building and to add a new block next to the building.

“The planning advice from the Urban Redevelopment Authority (URA) indicates that subject to conservation of the main building of Golden Mile Complex, intensification of the existing development to a total gross floor area (GFA) of 85,977.5 sqm reflecting an equivalent plot ratio of 6.387 can be considered,” ET&Co added.

Under Master Plan 2014 Commercial zoning, the property may be developed as an integrated development comprising uses such as retail, office, residential, serviced apartments and hotel.

“In the past few months, we have heard many exciting and creative ideas from developers on the adaptive reuse of Golden Mile Complex. A recent advice from the URA would also help to provide greater clarity and guidance on the conservation requirements for the building, which allows for more flexibility and creativity in the adaptive reuse of this iconic development,” ET&Co’s executive director of investment advisory Swee Shou Fern commented

Golden Mile Complex was first launched for sale by tender on 8 January.

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

The tender exercise will close on 25 April at 3 p.m.