Singapore’s Golden Mile for sale by tender
Singapore’s Golden Mile Complex has been put up for sale by tender.
The landmark property is being sold through sole marketing agent Edmund Tie & Company. It has a land area of approximately 1.3ha and is zoned for commercial use.
The complex is considered an icon of Singaporean urbanism with its signature step-terraced building design created by DP Architects, but it has fallen into disrepair in recent years.
There is a fascinating feature story and video about the complex here on Channel News Asia.
Senior director of investment advisory Swee Shou Fern said 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. The Golden Mile Complex is under conservation study and discussions to facilitate conservation are open.
The reserve price for the property is SGD800 million (US$577 million). The tender exercise will close on Wednesday, January 30.