EDMUND TIE Successfully Brokers the Collective Sale of Golden Mile Complex at S$700 million
Singapore’s first collective sale of a strata-titled development as a conserved building
Singapore, 6 May 2022 – Edmund Tie & Company (EDMUND TIE), as the sole marketing agent, is pleased to announce the collective sale of iconic landmark, Golden Mile Complex, at S$700 million to a consortium comprising Perennial Holdings Pte Ltd (“Perennial”), Sino Land and Far East Organization. The collective sale of Golden Mile Complex is subject to the approval by the Strata Titles Board.
With a site area of approximately 1.3 hectares, Golden Mile Complex is the first modern, large-scale strata-titled development to be gazetted for conservation for its historical and architectural significance. The site is zoned for Commercial use under Master Plan 2019, and the development has an existing gross floor area (GFA) of approximately 56,000 sq m.
As one of the finest examples of Brutalist architecture in Singapore, Golden Mile Complex is a visionary architectural masterpiece and is seen as an icon of national pride. Some of the building’s signature features include its “terraced” floor slabs, slanted beams, towering columns and “floating” staggered staircases – all of which are easily recognizable and instagrammable.
Ms Swee Shou Fern (徐晓芬), Head of Investment Advisory at EDMUND TIE, says, “We are delighted to have successfully managed Singapore’s first collective sale of a strata-titled development as a conservation building. As the first-of-its-kind collective sale, we are also thankful to be working with a supportive collective sale committee and the team of lawyers led by Mr Lee Soo Chye from Wee Swee Teow LLP. Undoubtedly, the success is achievable only with the strong support from the owners of the 718-unit development, giving the requisite 80% consent in both Strata Area and Share Value within 15 days.”
She adds, “Golden Mile Complex will forever be close and dear to the people’s hearts as a symbol of the can-do spirit of our pioneer generation of private entrepreneurs and building professionals, who developed and completed projects that were noted for their ambition, complexity and scale. We look forward to the purchasers – Perennial, Sino Land and Far East Organization – to reimagine and rejuvenate the iconic Golden Mile Complex to serve the new generation, and be an eternal landmark in Singapore’s evolving cityscape, breathing new life and making sense of our past, present and future.”
Ms Irene Loi, chairperson of collective sale committee of Golden Mile Complex, says, “The collective sale journey for Golden Mile Complex has been a long and arduous one, as this is the first strata-titled development to be gazetted for conservation. We are glad to have the professional guidance from our marketing consultant, Edmund Tie & Company, and lawyer Wee Swee Teow LLP, as well as the support from the authorities in the form of conservation incentives as a sweetener to make development options more attractive for the developers to take on the conservation. 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.”
Strategically located along Beach Road, Golden Mile Complex commands dual frontage along Beach Road and Nicoll Highway with panoramic city and sea views. The building enjoys superb accessibility, with Nicoll Highway MRT Station located 400 metres away, as well as Nicoll Highway and other major arterial roads.
For further information contact:
Swee Shou Fern (Ms)
DID: +65 6393 2523
Media please contact:
Seah Li Ching (Ms)
DID: +65 6393 2369
|Download press release|