{"id":123547,"date":"2021-12-01T04:06:38","date_gmt":"2021-11-30T21:06:38","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/golden-mile-complex-makes-second-collective-sale-attempt-price-remains-at-800mil\/"},"modified":"2021-12-01T13:11:56","modified_gmt":"2021-12-01T06:11:56","slug":"golden-mile-complex-makes-second-collective-sale-attempt-price-remains-at-800mil","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/golden-mile-complex-makes-second-collective-sale-attempt-price-remains-at-800mil\/","title":{"rendered":"Golden Mile Complex makes second collective sale attempt, price remains at $800mil"},"content":{"rendered":"


\nThe 16-storey Golden Mile Complex is making its second collective sale attempt at the same price of $800 million.
\nGolden Mile Complex, which was gazetted as a conserved building in October, has once again been put up for collective sale with a reserve price of $800 million.
\nThis marks the second en bloc attempt for the development after its last attempt ended in July 2019, with the two tenders during the first round of en bloc sale exercise closed with no bids, said sole marketing agent Edmund Tie & Company.
\nThe collective sale was immediately reactivated in August 2019, with the collective sale committee and marketing agent Edmund Tie continuing \u201cto provide feedback to the Urban Redevelopment Authority (URA) on the proposed conservation\u201d.
\nThe reserve price remains the same as its previous attempt. Including the lease upgrading premium and the differential premium payable, the indicative land rate will translate to around $1,350 per sq ft per plot ratio (psf ppr), depending on the proposed use mix.
\nSince the property is zoned for commercial use under the 2019 Master Plan, no Additional Buyer\u2019s Stamp Duty (ABSD) is payable for its purchase and there is no restriction on foreign ownership.
\nGolden Mile Complex was completed in 1973, making it one of Singapore\u2019s first large scale mixed-use developments. It is an example of Brutalist architecture, with signature features including slanted beams, terraced floor slabs, \u201cfloating\u201d staggered staircases and towering columns.
\nIt is the \u201cfirst modern, large-scale, strata-titled development to be conserved in Singapore\u201d.
\nTo attract potential buyers, URA offered a range of conservation incentives for the development of the Golden Mile Complex.
\nThese include a \u201cbonus floor area equivalent to one-third increase over existing development intensity; full tax waiver for conserved floor area; partial tax waiver for new floor area; options to adjust the site boundary and alienate part of an adjoining State Land to allow more design flexibility; lease renewal to a fresh 99 years lease, subject to formal approval from relevant authorities; and flexibility in the mix of commercial, residential and hotel uses\u201d.
\nNestled on a 1.3ha site, the 16-storey building with a basement level houses offices, shops and apartments. It comprises 718 strata-titled units and has an existing GFA of about 56,000 sq m.
\nWith the bonus floor area and alienation of the adjoining state land, the site has a maximum potential GFA of about 81,000 sq m and comes with an option to build a new 30-storey tower beside the main building.
\n\u201cThe unprecedented and comprehensive package of conservation incentives offered by URA is a sweetener to make development options for the site more attractive to the developers,\u201d said Swee Shou Fern, Executive Director of Investment Advisory at Edmund Tie.
\n\u201cBesides financial incentives in the form of development charge waivers, the package offers the developers flexibility in the use mix as well as design flexibility by allowing reconfiguration of the site boundary. Taken together, this is a well-balanced package which will incentivize developers to seize this once-in-a-lifetime opportunity to leverage on an existing architectural icon and take it to greater heights.\u201d
\nThe tender for Golden Mile Complex closes on 28 February 2022.
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nCheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email:\u00a0cheryl@propertyguru.com.sg.\u00a0
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Golden Mile Complex makes second collective sale attempt, price remains at 0mil<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The 16-storey Golden Mile Complex is making its second collective sale attempt at the same...<\/p>\n","protected":false},"author":1,"featured_media":123548,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-123547","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/12\/golden-mile-complex.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-w8H","jetpack-related-posts":[{"id":100690,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/golden-mile-complex-up-for-sale-at-800m\/","url_meta":{"origin":123547,"position":0},"title":"Golden Mile Complex up for sale at $800m","date":"October 30, 2018","format":false,"excerpt":"\r The landmark property close to Nicoll Highway MRT station could be redeveloped into an integrated development. (Photo: ET&Co) Golden Mile Complex, a landmark commercial property with a step-terraced building design along Beach Road, has been put up for collective sale with a reserve price of $800 million, revealed marketing\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":102802,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/golden-mile-complex-may-be-used-for-integrated-development\/","url_meta":{"origin":123547,"position":1},"title":"Golden Mile Complex may be used for integrated development","date":"January 9, 2019","format":false,"excerpt":"\r The iconic development has been put up for collective sale at $800 million. (Photo: ET&Co) The landmark Golden Mile Complex may be developed into an integrated development with a gross floor area (GFA) of 85,977.5 sq m, provided its main building is conserved, according to the Urban Redevelopment Authority\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":102798,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/golden-mile-complex-may-be-used-for-integrated-development-says-ura\/","url_meta":{"origin":123547,"position":2},"title":"Golden Mile Complex may be used for integrated development, says URA","date":"January 9, 2019","format":false,"excerpt":"\r The iconic development has been put up for collective sale at $800 million. (Photo: ET&Co) The landmark Golden Mile Complex may be developed into an integrated development with a gross floor area (GFA) of 85,977.5 sq m, provided its main building is conserved, according to the Urban Redevelopment Authority\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":82190,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/4-post-independence-landmarks-attempt-en-bloc-sale\/","url_meta":{"origin":123547,"position":3},"title":"4 post-independence landmarks attempt en bloc sale","date":"March 8, 2018","format":false,"excerpt":"\r View of People\u2019s Park Complex in Chinatown. (Photo: Nicolas Lannuzel, Wikimedia Commons) Four post-independence landmarks in Singapore \u2013 People\u2019s Park Complex and People\u2019s Park Centre in Chinatown, as well as Golden Mile Complex and Golden Mile Tower at Beach Road \u2013 may soon disappear from the city\u2019s landscape, reported\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":121287,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/owners-of-international-plaza-gives-green-light-for-en-bloc-attempt\/","url_meta":{"origin":123547,"position":4},"title":"Owners of International Plaza gives green light for en bloc attempt","date":"August 6, 2021","format":false,"excerpt":"\r Owners of International Plaza gives green light for en bloc attemptThis could potentially make\u00a0it the largest collective sale in the nation\u2019s history both in terms of units and value. Photo: Edmund Tie International Plaza, a 50-storey development within the Central Business District (CBD), will soon be put up for\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/08\/International-Plaza-photo-crop.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":107587,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/braddell-views-failed-en-bloc-attempt-unsurprising-analysts\/","url_meta":{"origin":123547,"position":5},"title":"Braddell View\u2019s failed en bloc attempt unsurprising, analysts","date":"May 30, 2019","format":false,"excerpt":"\r Analysts attributed the property\u2019s failure to attract bidders to its size and the cooling measures rolled out last July. 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