Singapore, 10 August 2022 – Edmund Tie & Company (EDMUND TIE) is pleased to announce that the collective sale of Golden Mile Complex has obtained the Sale Order from the Strata Titles Board on 3 August 2022. Under the terms of the Sale & Purchase Agreement, the legal completion is scheduled for November 2022 and vacant possession of the development will be handed to the developers in May 2023.
The successful buyer is a consortium comprising Perennial Holdings Private Limited, Sino Land, and Far East Organization.
The tender for Golden Mile Complex was launched on 30 November 2021 and closed on 28 February 2022. This is the owners’ second attempt at a collective sale after its first attempt which commenced in 2018 lapsed.
With a site area of approximately 1.3 hectares, Golden Mile Complex is the first modern, large-scale strata-titled development gazetted for conservation due to its historical and architectural significance. Enjoying a panoramic city and sea view, the building is strategically located along Beach Road and commands dual frontage along Beach Road and Nicoll Highway.
Ms Swee Shou Fern (徐晓芬), Head of Investment Advisory at EDMUND TIE, says, “With deep market knowledge and insights, EDMUND TIE is well-placed to have managed the complex challenges of the first-of-its-kind collective sale of a large-scale conservation project. We are honoured to have contributed to the conservation of one of Singapore’s most significant and iconic buildings with rich historical and architectural merits.”
She adds, “We are also delighted to have successfully closed this transaction and to help the owners fulfill their collective sale dream. We would like to thank the owners for their trust and confidence in us throughout the whole collective sale process.”
Golden Mile Complex accommodates a total of 718 strata units – comprising shops, offices, and residential units, as well as carparks and swimming pool as strata lots. Depending on both the property type and unit size, owners will receive gross sale proceeds ranging from approximately S$119,000 to S$31 million.
As one of the first development sites sold in 1967 under Government Land Sale programme, Golden Mile Complex was developed by local developer and contractor firm, Woh Hup, in the early years of Singapore’s nation building. At the time of its opening, Golden Mile Complex was one of the first large-scale mixed-use developments in Singapore that integrated commercial, recreational, and residential uses in a single building. The development was a visionary development during its time, exemplifying the can-do spirit of our pioneer generation of architects, engineers, and builders.
Besides its historical significance, Golden Mile Complex is an architectural masterpiece with many distinctive design features that are immediately recognizable – its signature stepped-terrace façade facing Nicoll Highway, leading to the development’s nickname as the Typewriter, its lofty retail atrium from Level 1 to Level 4, and the open-air deck facing Beach Road with towering columns, among others. Designed by acclaimed local architects William Lim, Gan Eng Oon and Tay Kheng Soon of home-grown architectural firm, Design Partnership (now known as DP Architects), Golden Mile Complex is one of the finest examples of Brutalist architecture in Singapore and is seen as an icon of national pride.
For further information contact:
Swee Shou Fern (Ms)
DID: +65 6393 2523
Media please contact:
Seah Li Ching (Ms)
DID: +65 6393 2369