Golden Mile Complex up for sale at $800m
About 85,977.5 sqm of gross floor area can be considered for tender.
Golden Mile Complex, considered an urban icon in Singapore's landscape, is up for sale by tender at a reserve price of $800m, according to Edmund Tie & Company (ET&Co).
An application has been submitted to retain the 16-storey building and add a new block next to the building. “The planning advice from the Urban Redevelopment Authority (URA) indicates that under the existing commercial zone, the property may be developed as an integrated development comprising uses such as retail, office, residential, serviced apartments and hotels,” ET&Co added.
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 located along Beach Road, just outside the Electronic Road Pricing zone, and near the Nicoll Highway MRT station on the Circle Line (CCL).
ET&Co senior director of investment advisory Swee Shou Fern commented, “Golden Mile Complex is a national icon that has shaped the visual character of our built landscape. We are proud to present this rare opportunity for adaptive reuse.”
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 Wednesday, 30 January 2019 at 3 p.m.