Golden Mile Tower Put Up For S$650mil En Bloc Sale
SINGAPORE – Following a report earlier this week that said the Golden Mile Tower at 6001 Beach Road is preparing for launch for collective sale, the mixed-use commercial property has been put up for en bloc sale with a guide price of S$650 million on Friday, reported The Business Times on Friday afternoon (18 November, SGT).
BT understands there’s lots of keen would-be bidders for the 99-year leasehold site, which measures 93,937 sq ft. The commercial development that stands there has a gross floor area (GFA) of 419,294 sq ft. Given that it has a 4.46 plot ratio, the indicative price of S$650 million works out to S$1,550 psf per plot ratio.
With a remaining leasehold tenure of 46 years, the 22-storey Golden Mile Tower houses a total of 405 strata lots. These consist of 152 office units and 251 retail premises, as well as a cinema and a carpark.
Under the 2019 Master Plan, the site is zoned for commercial use. Hence, foreigners are allowed to acquire it. There is also no need to pay an Additional Buyer’s Stamp Duty (ABSD) in the transaction.
The brutalist style building was finished in 1974, one year after the adjacent Golden Mile Complex was completed. Notably, the latter became Singapore’s 1st modern large-scale strata-titled project to be gazetted for conservation when the authorities did so in 2021. The Golden Mile Complex was also successfully sold via collective sale for S$700 million to a consortium comprising Far East Organization, Sino Land, and Perennial Holdings in May 2022.
Both mixed-use commercial properties front the Kallang Basin. Apart from being close to 3 MRT stations (Bugis, Lavender, and Nicoll Highway), both are also within proximity to shopping centres like Suntec City and Bugis Junction, in addition to the Kampong Glam heritage precinct.
The tender for Golden Mile Tower will close at 3 pm on 19 December 2022. The mixed-use commercial property is being marketed by ERA Realty.