Golden Mile Complex Bought For S$700m
SINGAPORE – The Golden Mile Complex, which has been gazetted for conservation, has been acquired by a consortium comprising Perennial Holdings, Sino Land, and Far East Organization, reported The Edge on Friday evening (6 May, SGT).
Interestingly, this marks the first-time all three real estate developers have teamed up for a redevelopment.
Based on a joint press release published by the three developers on Friday, they have exercised an option via a private treaty for the en bloc purchase of the mixed-use commercial property. In particular, Perennial Holdings will hold a half-stake in the joint venture (JV), while Sino Land and Far East Organization will each have a quarter-stake.
The transaction was negotiated by Edmund Tie, the property consultancy appointed as the exclusive marketing agency for the strata unit owners of the Golden Mile Complex.
“The success is achievable only with the strong support from the owners of the 718-unit development, giving the requisite 80 percent consent by both strata area and share value within 15 days,” noted Swee Shou Fern, Head of investment advisory at Edmund Tie.
However, the en bloc sale of the Golden Mile Complex is still subject to the finalisation of deal between the JV partners and the strata unit owners. If successful the deal would represent Singapore’s first collective sale of a large-scale strata-titled conserved building.
In line with this, the aforementioned property developers pledged that the Golden Mile Complex will be “sensitively restored”, with a special focus on retaining the primary building’s key features, including its signature terraced profile.
Notably, the buyers are considering turning the existing development into an integrated project consisting of office space, retail premises, and a residential component.
“Perennial is pleased to partner Sino Land and Far East Organization to embark on this transformative project which will augment the ongoing rejuvenation of Beach Road and the Ophir-Rochor Corridor,” said Perennial Holdings’ Chief Executive Pua Seck Guan.
“As the owner of renowned historic landmarks in Singapore, all of which comprise gazetted conservation buildings or National Monuments, we are excited to add another distinctive property to our real estate portfolio,” he added.
