Golden Mile Complex tender launch for $800 million

SINGAPORE – Edmund Tie & Company (ET&Co), the sole marketing agent for the collective sale of Golden Mile Complex, is pleased to offer this iconic development 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 Tower. Picture: Edmund Tie & Company.

Golden Mile Complex is an iconic development occupying a prominent plot along Beach Road, boasting commanding 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 sites, is on board as Consultant Architect for the development as appointed by the Collective Sale Committee (CSC)

Outline Application has been submitted to retain the existing 16-storey building and to add a new block next to the building.

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The planning advice from the Urban Redevelopment Authority (URA) indicates that subject to conservation of the main building of Golden Mile Complex, intensification of the existing development to a total gross floor area (GFA) of 85,977.5 sq m reflecting an equivalent plot ratio of 6.387 can be considered.

Golden Mile Complex, Commercial.

Under Master Plan 2014 Commercial zoning, the property may be developed as an integrated development comprising uses such as retail, office, residential, serviced apartments and hotel.

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.

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The executive director of investment advisory Swee Shou Fern commented: “In the past few months, we have heard many exciting and creative ideas from developers on the adaptive reuse of Golden Mile Complex. Recent advice from the URA would also help to provide greater clarity and guidance on the conservation requirements for the building, which allows for more flexibility and creativity in the adaptive reuse of this iconic development. It will be exciting to see how a developer can incorporate a new vision, design elements and branding philosophies to repurpose and update this property of distinctive architecture into a modern landmark live-work-play destination.”

Chan Hui Min, director of DP Architects commented: “It is possible to integrate the new development sensitively with the old so that the history of the building can enhance the sense of place and bring value to the whole development. The Golden Mile Complex is an architectural icon that many people think is important to the public memory of Singapore. It has many features that one would rarely find in new buildings today.”

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 Thursday, 25 April 2019 at 3 pm.

This article is contributed by Edmund Tie & Company.