Golden Mile Complex is going through two milestones, which are unprecedented in the history of Singapore.
The architectural landmark is launching its collective sales process while it is under conservation study.
The building is a symbol of urbanism with its completion and debut in 1973, owing to its signature step-terraced concept.
In the present, it only has 49 years in its lease contract. Moreover, it launches its $800 million for its reserve price through its first public tender.
The 1960s Golden Mile Complex design is courtesy of DP Architects, which is also the consultant architect appointee for the collective sales site.
Edmund Tie & Company is the marketing agent for the building and according to the firm’s investment advisory senior director, Ms. Swee Shou Fern, the conservation study consultation first came into their attention, based on information from the Urban Redevelopment Authority (URA).
This took place prior to their submission of the planning application to those in charge.
The application states the retention of the existing 16-storey building along with an added new block adjacent to the site.
The submission took place a couple of months before and is still due for approval by authorities.
Ms. Fern stated, “Golden Mile Complex remains to be a national landmark and the new building is integral to the Beach Road corridor improvement.
We have a close working relationship with URA and DP Architects, in connection to the building conservation as well as its potential enhancement.”
She added, “Singapore’s large-scale conserved building is undergoing a collective sale and this is unchartered territory in the industry. Interested parties could conduct a more comprehensive study with a longer tender process.”
The land area for the 718-unit building is 1.3 ha and considered a commercial zone.
According to a URA spokesperson, the building does have heritage value and the organization is appealing to stakeholders in order to look at options to promote conservation.
He confirmed that there are ongoing discussions for more details.
In addition, he stated, “Contemporary architecture remains a significant part of the built heritage of Singapore.
URA is advocating selective conservation of a series of similar buildings. The organization will be working with relevant stakeholders for the facilitation of the process, particularly when conservation efforts get merits and strong support.”
However, some analysts reiterated that the sale value of the en bloc site would decline due to its current conservation status.
Developers are more attracted to the commercial sector as manifested in the unfazed status of commercial properties despite the cooling measures in July. Such trend, however, affected the en bloc sales of residential properties.
Alan Cheong, research and consultancy senior director of Savills Singapore said, “Conservation makes matters complicated due to the less certainty on net sellable areas and the cost variables.”
Ku Swee Yong, chief executive of International Property Advisor showed belief in developers trying to go for much lower prices in order to cater to potentially higher construction costs.
Sixty-eight residential owners, using an $800 million guide price, aimed to reach a gross payout of $1.27 million-$6 million each.
On the other hand, each owner of the 418 shop units could possibly earn between $200,000 and $7 million. The 227 office units value between $360,000 and $3 million.
The proposed land use combination by the developer influences the lease upgrading premium and differential premium specifically in the intensification of the land use, maximizing its lease up to 99 years respectively.
January 30th 2019 is the scheduled date for the closure of the tender exercise, particularly at 3 pm.
District 7 Singapore is home to the up and coming business hubs of Rochor, Beach Road, Bugis Street, and Bencoolen Street.
It is an ideal location for foodies and enthusiasts of local foods as well as shopping and retail therapy lovers.
Singapore’s Central Area is where you can find the Middle Road. It is also home to the Hainanese immigrants, particularly those who have significant contribution to the Chinese Fare.
The junction of Fort Canning Road, Stamford Road, and Orchard Road towards Rochor Road is the location for the Bencoolen Street. It is a location for Singapore’s popular landmarks and hotels.
Singapore’s old and new culture is prevalent in the Bugis Street.
It is also a site for major developments such as eateries, stalls, shopping malls, and clubs. The place is the district for arts, entertainment, and education.
You can conveniently travel to numerous landmarks in District 7 due to ready access to a remarkable transportation.
Nicoll Highway, Bugis MRT, and Lavender stations, buses, and taxis are accessible.