Golden Mile Tower Readying For En Bloc Sale With S$650mil Guide Price
SINGAPORE – The Golden Mile Tower, which is located next to the Golden Mile Complex, is poised to be put up for collective sale next Friday (18 November) with a guide price of S$650 million, reported The Business Times on Monday morning (14 November, SGT).
Situated at 6001 Beach Road, the 22-storey mixed-use commercial property contains a total of 405 strata lots. Of these, 152 are office units and 251 are retail units. It also houses a carpark and a cinema. The 99-year leasehold development has a remaining tenure of 46 years.
Notably, the Golden Mile Tower has a gross floor area (GFA) of around 419,294 sq ft and a plot ratio of 4.47. Given that the commercial property stands on a land parcel measuring about 93,937 sq ft, the indicative price works out to S$1,550 psf per plot ratio.
In comparison, the adjacent Golden Mile Complex, which was sold en bloc in May 2022 for S$700 million, has a larger land area of 139,931 sq ft, but both developments have a long frontage along Nicoll Highway with breath-taking bay and sea views.
ERA’s Senior Division Director Anna Tan, who is handling the en bloc sale, revealed that this marks the 1st successful attempt at obtaining consent from the unit owners. The approval of at least 80 percent of the owners by both strata area and share values was secured in mid-October and an owners’ meeting will be conducted on Wednesday (16 November).
Completed in 1974, the Golden Mile Tower was designed by Goh Hock Guan and his team. Apart from having a brutalist style, the commercial property houses an Instagram-worthy spiral staircase and the building once contained the biggest cinema in Singapore and Malaysia.
“Golden Mile Tower is a nostalgic piece of Singapore’s history and because it is conveniently located along the city fringe, the property has high potential for redevelopment and use of the site,” said ERA’s Tan.
“We expect keen interest from developers and buyers and look forward to a positive outcome.”
Between January 2018 to 12 November, the Golden Mile Tower recorded nine sales of office units ranging from S$1,202 psf to S$2,019 psf, according to figures from the Urban Redevelopment Authority (URA).