Golden Mile Tower En Bloc Sale Tender Sees Few Expressions Of Interest

SINGAPORE – The collective sale tender of the Golden Mile Tower closed on Monday (9 January), but only received a few expressions of interest, according to a report from The Business Times that was updated on Tuesday evening (10 January, SGT).

Thereafter, the unit owners of the mixed-use commercial property in District 7 entered into a private treaty negotiation period with interested parties that will last for 10 weeks.

It has been learnt that nearly 90 percent of the unit owners have inked the collective sale agreement, and that the 99-year leasehold development in 6001 Beach Road had been appraised at S$598 million.

Previously, the Golden Mile Tower was launched for en bloc sale on 18 November 2022 with a guide price of S$650 million, with ERA Realty appointed as the marketing agent.

The commercial property stands on a land plot measuring about 93,937 sq ft and the development has a gross floor area (GFA) of around 419,294 sq ft. Given its plot ratio of 4.46, the asking price works out to S$1,550 psf per plot ratio.

If the guide price is reached, the owners of office units in Golden Mile Tower are estimated to get S$587,000 to S$13.5 million each. In comparison, each owner of the retail units there will receive between S$400,000 to S$16 million.

Notably, the 22-storey commercial property contains 152 office units and 251 retail units, as well as a car park and a cinema. The development stands on a site zoned for commercial use, and it has a remaining leasehold tenure of around 46 years.

The Golden Mile Tower was finished in 1974, a year after the nearby Golden Mile Complex was completed. The latter was successfully sold en bloc last May for S$700 million to a consortium consisting of Sino Land, Perennial Holdings, and Far East Organization.