Golden Mile Complex - Singapore's urban icon, for sale by tender

31 Oct 2018
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Golden Mile Complex - Singapore’s urban icon, for sale by tender

SINGAPORE, 31 October 2018 – Edmund Tie & Company (ET&Co), the sole marketing agent for the collective sale of Golden Mile Complex, is pleased to offer this landmark commercial property for sale by tender.The property has a land area of approximately 1.3 hectares and is zoned for Commercial use under Master Plan 2014.

Golden Mile Complex is an iconic development occupying a prominent plot along Beach Road, boasting dual frontage along Beach Road and Nicoll Highway with panoramic city and sea views. It is strategically positioned at the gateway to the city centre just outside the Electronic Road Pricing (ERP) zone and just a stone’s throw away to Nicoll Highway MRT station on the Circle Line (CCL). Its signature step-terraced building design is a visionary architectural masterpiece and is Singapore’s icon of urbanism. DP Architects (formerly known as Design Partnership), who designed Golden Mile Complex in the 1960s as one of the first Government Land Sale (GLS) sites, is on board as consultant architect for the development as appointed by the Collective Sale Committee.  

Located within the Beach Road/Ophir-Rochor Corridor which is envisioned to be a vibrant mixed-use cluster under Master Plan 2014, Golden Mile Complex presents an exceptional opportunity to create a landmark destination at Beach Road, integrating work, live, and play elements.

Senior director of investment advisory Swee Shou Fern commented: “Golden Mile Complex is a national icon that has shaped the visual character of our built landscape. We are proud to present this rare opportunity for adaptive reuse. Its distinctive architecture and worldwide iconic status will offer tremendous potential to transform the property into an exciting work-live-play destination in this growth area. The new Golden Mile Complex will be an essential part of the rejuvenation of the Beach Road corridor and we are working closely with DP Architects and URA on the conservation of the building and further ways to enhance its potential.

“This unique adaptive reuse opportunity provides the developer with the chance of incorporating a new vision into this iconic development. Many exciting development concepts may be considered for the Property. The collective sale of a large-scale conserved building in Singapore is unprecedented and we will be conducting a longer tender process to allow interested parties to carry out a detailed study.”

Outline Application has been submitted to retain the existing 16-storey building and addition of a new block next to the building, subject to authorities’ approval. Regarding the Outline Application, URA has advised that Golden Mile Complex is under conservation study and they are open for discussions to facilitate conservation.

Chan Hui Min, director of DP Architects commented: “Golden Mile Complex is an architectural icon and many people think that it is important to the public memory of Singapore. It can be sensitively integrated into the new development and be adapted to new uses that meets the needs of today. Many successful developments that integrate older buildings not only manage to optimise the land use efficiency, but also leverage on the history of the site to bring value to the sense of place and identity of the development. We can create win-win situations with sensitive adaptive reuse.”

The reserve price for the property is $800m. The differential premium and lease upgrading premium to intensify the land use and to top up the lease to 99 years respectively will depend on the developer’s proposed land use mix.

The tender exercise will close on Wednesday, 30 January 2019 at 3pm.

ENDS

 

For further information, please contact:

Vanessa Lim

Manager, Corporate Communications

+65 6393 2369

This email address is being protected from spambots. You need JavaScript enabled to view it.

 

About Edmund Tie & Company

Edmund Tie & Company (ET&Co) is a full-service, real estate consulting firm with 420 skilled professionals in the region. It is headquartered in Singapore and supported by offices in Kuala Lumpur, Malaysia, and Bangkok, Thailand. ET&Co offers a comprehensive suite of agency and professional services including investment advisory, business space and retail, residential agency, auction and sales, valuation advisory, statutory valuation and property tax advisory, research and consulting, property management, and hospitality management. For more information, please visit www.etcsea.com.

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