Back in 2018, it was announced that about 80% of unit owners at Golden Mile Complex had voted in favour of the development going en-bloc. After the first tender in mid-2019 saw no bids for the property, the second tender that closed recently in February finally saw a successful bid of S$700M by a consortium being accepted by the required 80% of unit owners.
Here’s everything you need to know about the staggering S$700M sale:
Successful Collective Sale of Golden Mile Complex
Image credit: Edmund Tie
On 6th May, Edmund Tie & Company – the sole marketing agent for Golden Mile Complex – announced the collective sale of Golden Mile Complex for S$700 million. The successful bid was by a consortium comprising Perennial Holdings Pte Ltd (50%), Sino Land (25%) and Far East Organisation (25%), which are some pretty formidable brand names in the property industry. Notably, the finalised price of S$700M is less than the listed reserve price of S$800M, though it had reportedly received “overwhelming support” by tenants “in a record time of 15 days”.
The next step would be for the collective sale committee to exercise the conditional agreement by today (9th May). An Owners’ Meeting would be called next to discuss the next steps, as well as the timeline for the sale. The sale would also have to be approved by the Strata Titles Board.
History of Golden Mile
Today, most would associate Golden Mile with being the ‘little Thailand’ of Singapore, with Thai food outlets, shops and discos. But did you know that the complex actually has a very rich history?
Image credit: State of Buildings
Built in 1973, Golden Mile Complex was one of the first few mixed-use developments in Singapore with commercial shopfronts, residential homes and office spaces all in one building.
It has an approximate gross floor area of 56,000sqm, and the entire site area is about 1.3 hectares (ha) of land. It also cost around $18M to build, which was considered extremely extravagant back in the 70s, and so positioned itself in the upper echelons of property in Singapore.
Back in its heyday, it was also considered somewhat of an architectural marvel; according to Edmund Tie, it was one of the finest examples of Brutalist architecture in Singapore, with signature features like “terraced” floor slabs, slanted beams, towering columns and “floating” staggered staircases.
These features were not only for aesthetics, but also promoted eco-friendly benefits like natural light and ventilation.
A section of the false ceiling at Golden Mile Complex had collapsed in April 2021.
Image credit: Eric Wang
Now, of course with most things, time has not been kind. The building has seen better days, and considerable wear and tear have set in resulting in incidents like the ceiling collapsing and a 35-hour power outage.
According to older reports, Golden Mile Complex was also infamous in the past for its extremely filthy toilets, as well as being notorious for its alleged illicit sexual activity taking place in the cubicles. Take a walk around today and you’ll also notice the ageing facade, cracks in the walls and lack of pristineness in the premises.
Image credit: Eatbook
That being said, it still houses many Thai food gems like Yong Tau Foo and authentic Thai fare within a supermarket, and also amazing mookata outlets like Y Cube Mookata Buffet.
Image credit: Eatbook
Gazetted For Conservation
In 2020, the Urban Redevelopment Authority (URA) announced that Golden Mile Complex would be proposed for conservation in view of its historical and architectural significance. It was officially gazetted on 22nd October 2021.
As such, eventual buyers could not simply take over the development and bulldoze the entire property down to the ground. Instead, it has to retain some of its iconic features like its signature terraced profile, and follow conservation guidelines by the URA. While this had raised concerns over possible negative side effects that will inhibit its sales prospect, the URA introduced some incentives such as a partial waiver off development charges, and the option to expand its current 1.3ha boundary.
What this basically means for us is that while the Golden Mile Complex as we know will undergo a rehaul and facelift, parts of its identity will be retained and preserved for the future. This will ensure that its history and heritage will live on.
Future of Golden Mile Complex
While details are scant for now, the consortium buying over Golden Mile Complex has mentioned that they are looking into a rejuvenation of the site. Paying homage to its heritage, Golden Mile Complex 2.0 will continue to be a mixed-use integrated development with commercial, residential and office spaces.
Considering that the consortium’s members are synonymous with various iconic developments around Singapore like CHIJMES, Fullerton Bay Hotel and The Barracks Hotel in Sentosa, it’ll be safe to say that the new Golden Mile Complex will see great transformation that will bring about new life and modern vibes, while still retaining parts of its rustic charm.
What This Means For The Property Market
Unless you’re a current tenant/unit owner at Golden Mile Complex, or involved in the work of preserving Singapore’s historical sites, the reality is that this en-bloc sale won’t really affect you.
However, it would nevertheless be interesting to see if this whole ageing landmark en-bloc process will set the tone for similar properties in the future.
Image credit: State of Buildings
As the years go by and properties age, it would also be interesting to see and speculate what other older buildings might be earmarked for en-bloc. Granted, not every ageing building is guaranteed to go en-bloc.
However, those in really hot locations like Golden Mile Complex in Beach Road stand a really good chance, and so we wait with baited breath to see what will be the next mega sale in the property market.