Golden Mile Tower set for en bloc relaunch at S$600 million reserve price

Mar 31, 2023

GOLDEN Mile Tower will be relaunched for collective sale on Apr 7 at a reserve price of S$600 million.

This follows its first en bloc attempt at an indicative price of S$650 million, which closed on Jan 9 without a deal.

The Business Times (BT) understands that the development’s owners had entered into a private treaty negotiation period with three interested parties, but none reached the reserve price of S$600 million.

It is understood that the 99-year leasehold commercial development at 6001 Beach Road has been valued at S$598 million.

BT first reported that Golden Mile Tower was launched for sale on Nov 18 last year.

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 property 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 between S$400,000 and S$16 million each, depending on the size of their units.

Those with office units will receive between S$587,000 and 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 for 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.

The second tender for Golden Mile Tower will close on May 8.

https://www.businesstimes.com.sg/pro...-reserve-price