Golden Mile Complex is up for sale again at $800 million, the reserve price stays the same.
The tender will re-open today; it is the second time. Initially, it was presented for collective sale on January 30.
Marketing agent Edmund Tie & Company doesn’t provide any information about the first tender results or about the expiry of the collective sale agreement.
According to the Urban Redevelopment Authority Master Plan 2014, this development has been approved for commercial use and may be developed as the united project.
As per the Authority’s advice provided as a reply of the marketing agent’s outline application, presented in August 2018, the development could have the total gross floor area of around 86,000 square meters.
Located at the Beach Road, this 718-unit landmark is spread at the land area of around 1.3 hectares; renowned for its distinguishing step terrace.
Formerly, the Urban Redevelopment Authority announced that the property’s main building should be preserved. This led to apprehensions that it highly affects the sale of this property and might cause trouble for the developers.
But at the time of the tender launch of the Golden Mile Complex, the executive director of the investment advisory of Edmund Tie & Company, Ms Swee Shou Fern publicizes that the last few months were crucial and exciting for generating the creative ideas related to the reusing of this largely conserved building.
The development’s lease initiated in the year 1973 when the building was completed; now its lease has only 49 years remaining.
Director of DP Architects, Ms Chan Hui Min, proclaimed in a statement that there’s a chance to add the new development delicately with the old to augment the sense of the place by seeing the building’s history.
Overall, it will bring value to the new complex. DP Architects is the consultant architect of the complex; it is the same company that fabricated the site in the 1960s.
There are 68 residential units, 227 office units, and 418 shop units which will provide the gross payment from $1.27 million to $6 million, $360,000 to $3 million, and $200,000 to $7 million each respectively to the owners.
The lease upgrading premium to 99 years and the differential premium to augment the land use will be decided upon the proposed land use mix by the developer.
The tender will no more be available after 3 pm on April 25.