Conserved building Golden Mile Complex sold en bloc for S$700 million to consortium

SINGAPORE — Golden Mile Complex has been sold for S$700 million to a consortium comprising Perennial Holdings, Sino Land, and Far East Organization, its sole marketing agent Edmund Tie said on Friday (May 6).

This comes after the agent received “overwhelming support” for the sale – garnering more than 80 per cent of owners’ consent in terms of both strata area and share value within a “record time of 15 days”, it said in a letter to owners in April.

The sale of the landmark is subject to the approval by the Strata Titles Board.

Edmund Tie’s head of investment advisory, Ms Swee Shou Fern, said this marks Singapore’s first collective sale of a large strata-titled development as a conserved building.

Built in 1973, the 16-storey building was gazetted as a conserved building in October last year in light of its historical and architectural significance.

Ms Swee added that the sale was “achievable only with the strong support” from the owners of the 718-unit development.

Chairperson of the development’s collective sale committee, Irene Loi, also described the journey to closing the deal as “long and arduous”.

But she thanked authorities for their support in the form of conservation incentives "as a sweetener to make development options more attractive for the developers to take on the conservation”.

These include a waiver of certain development charges and being able to renew the lease to a fresh 99-year lease, subject to certain approvals.

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." CNA