Golden Mile Tower owners in private talks after close of S$650m en bloc tender

Jan 10, 2023

OWNERS of Golden Mile Tower have entered a 10-week private treaty negotiation period with interested parties after its en bloc sale tender closed on Monday (Jan 9) with a few expressions of interest.

The Business Times (BT) understands that the 99-year leasehold commercial development at 6001 Beach Road has been valued at S$598 million, and that almost 90 per cent of owners have signed the collective sale agreement.

BT first reported that Golden Mile Tower was launched for sale on Nov 18 last year at an indicative price of $650 million. Marketed by ERA Realty, it has a plot size of 8,727 square metres (sq m) and a gross floor area of 38,953.72 sq m. With a plot ratio of 4.46, the asking price for the site translates to S$1,550 per square foot per plot ratio.

If the reserve price is reached, owners of the retail units will get an indicative amount of S$400,000 to S$16 million each, depending on the size of their units. Those with office units will receive S$587,000 to S$13.5 million.

The building comprises 405 strata lots, with a total of 251 retail units, 152 office units, a cinema and a car park. There are about 46 years left on the lease of the 22-storey building, which is zoned for commercial use in the 2019 Master Plan.

Located in District 7, Golden Mile Tower was completed in 1974, a year after its sister building, Golden Mile Complex. The latter, which became the first modern large-scale strata-titled development to be gazetted for conservation in 2021, was successfully sold en bloc in May last year to a consortium comprising Far East Organization, Perennial Holdings and Sino Land for S$700 million.