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View Full Version : Golden Mile Complex sold to Far East, Perennial, Sino Land for S$700m



reporter2
28-04-22, 09:19
Golden Mile Complex gets 80% mandate for collective sale at lower price of S$700m

Apr 27, 2022

MORE than 80 per cent of Golden Mile Complex owners have agreed to a collective sale at S$700 million, which is lower than its original S$800 million reserve price.

The offer was made by a consortium comprising Far East Organization and Perennial Holdings last month via private-treaty negotiations after the building closed its second en bloc tender on Feb 28.

The Beach Road development’s first collective sale attempt in July 2019, also at a reserve price of S$800 million, drew no bids.

Last year, Golden Mile Complex was gazetted as a conserved building by the Urban Redevelopment Authority (URA) for its historical and architectural significance. The 16-storey building has a gross floor area (GFA) of 56,000 square metres (sq m), with a maximum GFA of around 81,000 sq m.

As it is zoned for commercial use, its buyers will not need to pay an additional buyer's stamp duty.

The latest offer has obtained consent from more than the required 80 per cent of owners in both strata area and share values. Under the conditional agreement, the collective sale committee has up until May 9 to exercise the option.

https://www.businesstimes.com.sg/real-estate/golden-mile-complex-gets-80-mandate-for-collective-sale-at-lower-price-of-s700m

reporter2
09-05-22, 10:41
Golden Mile Complex sold to Far East, Perennial, Sino Land for S$700m

May 06, 2022

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

The collective sale came after 2 en bloc tenders, both at a reserve price of S$800 million, had closed. The first tender in July 2019 drew no bids. After the second tender closed on Feb 28, the consortium made a lower offer of S$700 million via private-treaty negotiations.

The Business Times reported last week that the offer has obtained consent from more than the required 80 per cent of owners in both strata area and share values.

Built in 1973, the 16-storey commercial building last year became the first modern, large-scale strata-titled development to be gazetted for conservation for its historical and architectural significance. It now has a gross floor area (GFA) of 56,000 square metres (sq m). With the bonus floor area and alienation of the adjoining state land, the site has a maximum GFA of around 81,000 sq m, with the option to build a new tower of about 30-storeys beside the main building.

https://www.businesstimes.com.sg/real-estate/golden-mile-complex-sold-to-far-east-perennial-sino-land-for-s700m