Bookmark & Share
Golden Mile Complex is making its second en bloc attempt after its previous tender closed on 30 January without any takers, reported Channel NewsAsia.
Marketing agent Edmund Tie & Company revealed that the iconic property’s reserve price remains unchanged at $800 million.
Famous for its step terrace, the building along Beach Road and Nicoll Highway was completed in 1973 and is considered to have heritage value. In fact, authorities are exploring options to facilitate its conversion – which could pose some constraints for potential developers.
The Urban Redevelopment Authority (URA), however, issued advice to provide greater clarity for the property’s conservation requirements.
Zoned for commercial use, the property may be developed as an integrated development with office, retail and residential space as well as a hotel and serviced apartments.
“It is possible to integrate the new development sensitively with the old so that the history of the building can enhance the sense of place and bring value to the whole development,” noted Chan Hui Min, director of DP Architects, which is the consultant architect for the property.
“The Golden Mile Complex is an architectural icon that many people think is important to the public memory of Singapore. It has many features that one would rarely find in new buildings today.”
Colliers noted that the differential premium to intensify land use and lease upgrading premium to top up the lease to a fresh 99 years depends on the proposed land use mix by the developer.
The tender for Golden Mile Complex closes on 25 April.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
Related Articles:
Golden Mile Complex up for sale at $800m