Golden Mile Gets Nod From Owners For S$700mil En Bloc Sale
SINGAPORE – Over 80 percent of the unit owners at the Golden Mile Complex along Beach Road in Kallang have given their consent to sell the mixed-used development at a lower selling price of S$700 million, reported The Business Times on Wednesday evening (27 April, SGT).
Under section 84A of the Land Titles (Strata) Act, the collective sale of developments 10 years and older require the approval of at least 80 percent of the unit owners by share value and strata area. After obtaining the requisite statutory majority of consent, the collective sale committee can apply for an order of en bloc sale from the Strata Titles Boards or the High Court.
This comes after a consortium consisting of Far East Organization and Perennial Holdings have offered via private treaty negotiations to buy the commercial property for S$700 million, down from the original reserve price of S$800 million.
The offer was made last month after the 2nd en bloc tender for the Golden Mile Complex closed at the end of February 2022. The commercial property embarked on its 1st en bloc sale attempt in July 2019, also at a reserve price of S$800 million, but it attracted zero bids.
In 2021, the Golden Mile Complex was declared as a historical building by the Urban Redevelopment Authority (URA).
The 16-storey commercial property comes with a gross floor area (GFA) of about 602,779 sq ft and has a maximum GFA of approximately 871,877 sq ft.
As the site is zoned for commercial use, the buyer of the Golden Mile Complex does not need to pay an additional buyer’s stamp duty (ABSD).
Under the conditional agreement with the consortium comprising Far East Organization and Perennial Holdings, the collective sale committee has until 9 May 2022 to accept the S$700 million offer.
