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Conserved building Golden Mile Complex sold en bloc for S$700 million to consortium

The building will be "sensitively restored", with special attention paid to retaining its key features and signature terraced profile, said its buyers.

Conserved building Golden Mile Complex sold en bloc for S$700 million to consortium

A view of Golden Mile Complex. (Photo: Darren Soh, Edmund Tie)

SINGAPORE: Golden Mile Complex has been sold for S$700 million to a consortium comprising Perennial Holdings, Sino Land, and Far East Organization, its sole marketing agent Edmund Tie said on Friday (May 6).

This comes after the agent received “overwhelming support” for the sale – garnering more than 80 per cent of owners’ consent in terms of both strata area and share value within a “record time of 15 days”, it said in a letter to owners in April.

The sale of the landmark is subject to the approval by the Strata Titles Board.

Edmund Tie’s head of investment advisory, Ms Swee Shou Fern, said this marks Singapore’s first collective sale of a large strata-titled development as a conserved building.

Built in 1973, the 16-storey building was gazetted as a conserved building in October last year in light of its historical and architectural significance.

Ms Swee added that the sale was “achievable only with the strong support” from the owners of the 718-unit development.

Chairperson of the development’s collective sale committee, Irene Loi, also described the journey to closing the deal as “long and arduous”.

But she thanked authorities for their support in the form of conservation incentives "as a sweetener to make development options more attractive for the developers to take on the conservation”.

These include a waiver of certain development charges and being able to renew the lease to a fresh 99-year lease, subject to certain approvals.

She added: “The building is close to 50 years old and is showing much wear and tear, and the cost to maintain and repair the aging building has been escalating.

“The collective sale committee would like to thank the owners of Golden Mile Complex for being decisive and supportive, allowing the success of this collective sale."

BUILDING TO BE "SENSITIVELY RESTORED"

Perennial Holdings has a 50 per cent stake in the joint venture, while Sino Land and Far East Organization have 25 per cent each.

In a statement, the trio said the existing building will be "sensitively restored", with special attention paid to retaining its key features and signature terraced profile.

They will also explore transforming Golden Mile Complex into a mixed-use development with office, retail and residential components.

Mr Pua Seck Guan, chief executive officer of Perennial, said the building will be a "distinctive" addition to its portfolio, which comprises several conserved buildings or national monuments. These include the Capitol Singapore and CHIJMES.

With its "strong track record" in such projects and its partners' expertise, it is "well-positioned to bring a new lease of life to one of Singapore’s most iconic architectural gems", he said.

Mr Marc Boey, executive director for property services division of Far East Organization, added that the joint venture will aim to transform this "important heritage asset into a new focal point for the area".

The developers will also "continue to build on the landmark’s rich history and memory", he said.

Source: CNA/cl(ac)

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