Golden Mile Tower to be launched for en bloc sale at indicative price of S$650m
Golden Mile Tower to be launched for en bloc sale at indicative price of S$650m. The Golden Mile Tower, which is scheduled to go on the market for collective sale on November 18 at an estimated price of S$650 million, could help revitalize the Beach Road area even further. The 99-year leasehold commercial property is located at 6001 Beach Road, close to the historic Golden Mile Complex, which was sold en bloc in May for S$700 million to a partnership comprised of Far East Organization, Perennial Holdings, and Sino Land.
The Golden Mile Tower has a site size of 8,727 square meters (sq m) and a gross floor area (GFA) of 38,953.7 square meters. Based on a plot ratio of 4.46, the site’s asking price of S$650 million equates to S$1,550 per square foot per plot ratio. The 22-story structure is classified for commercial use, according to the 2019 Master Plan, so buyers are not subject to the additional buyer’s stamp duty, and foreign ownership is not restricted. It is comprised of 405 strata lots, 251 retail outlets, 152 office units, a cinema, and parking. It currently has a leasehold balance of 46 years.
Despite rumors that the building’s owners formed a collective sale committee in 2018, Anna Tan, senior division director at ERA, who is handling the sale, told The Business Times (BT) that this is the building’s first successful attempt to go on the market. In mid-October, the needed 80% of owners in both stratum area and share value consented, and an owners’ meeting will be conducted on November 16.
Golden Mile Tower was constructed in the Brutalist style, which was prominent from the 1950s through the 1980s and was characterized by block-like, massive concrete structures. The Golden Theatre, Singapore’s and Malaysia’s largest cinema, with 1,500 seats, was originally housed in the development. In 2014, Singapore’s first independent cinema, The Projector, took over the upper floor of the theatre, screening arthouse films and works by local filmmakers.
According to data from the Urban Redevelopment Authority, there were 17 retail unit purchases ranging from S$1,134 psf to S$2,374 psf from January 2018 to November 12, and nine office unit transactions ranging from S$1,202 psf to S$2,019 psf. “Golden Mile Tower is a treasured piece of Singapore’s past, and the property offers significant redevelopment and use of site potential,” Tan said. “We anticipate substantial interest from developers and buyers and are optimistic about the outcome.”
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