Golden Mile Tower Slashes Reserve Price In 2nd En Bloc Sale Attempt

SINGAPORE – Unit owners are set to relaunch the collective sale of the Golden Mile Tower next Friday (7 April) at a lower indicative price of S$600 million, reported The Business Times on Friday late afternoon (31 March, SGT).

This is after the 1st en bloc sale attempt launched on 18 November 2022 at a reserve price of S$650 million closed on 9 January 2023 without any party committing to purchase the 22-storey commercial property.

It is understood that the unit held private treaty negotiations with three interested parties, but their offers failed to reach at least S$600 million. Notably, Golden Mile Tower has been appraised at S$598 million.

The commercial property is being marketed by ERA Realty. It has a land area of around 93,937 sq ft and a gross floor area (GFA) of about 419,294 sq ft. Given its 4.46 plot ratio, the asking price works out to S$1,550 sq ft per plot ratio.

If a party commits to acquire the Golden Mile Tower for S$600 million, owners of office units there will get between S$587,000 and S$13.5 million. Comparatively, owners of retail units will receive S$400,000 to S$16 million.

The asset has a total of 405 strata lots, consisting of a car park, a cinema, 152 office units, and 251 retail units. The 99-year leasehold property also has a remaining tenure of around 46 years.

Situated in District 7 at 6001 Beach Road, Golden Mile Tower was finished in 1974.

Meanwhile, its sister building, the Golden Mile Complex, was completed in 1973. In May 2022, the commercial property was successfully sold via collective sale for S$700 million to a consortium consisting of Sino Land, Perennial Holdings, and the Far East Organization.

The latest tender for Golden Mile Tower shall close on 8 May 2023.