If the collective sale of the iconic Golden Mile Complex goes through, the property may be developed as an integrated development with a gross floor area of 925,456 sq ft. This is advised by the Urban Redevelopment Authority (URA), and is subject to the conservation of the main building of Golden Mile Complex.
Golden Mile Complex has a reserve price of $800 million (Credit: ET&Co)
The outline application has been submitted to retain the existing 16-storey building and to add a new block next to the building, according to sole marketing agent Edmund Tie & Company (ET&Co).
Currently zoned for commercial use under the 2014 Master Plan, the new integrated development may comprise retail, office, residential, serviced apartments and hotels. The property has a land area of about 1.3 ha.
The new Golden Mile Complex will be an essential part of the rejuvenation of the Beach Road corridor,and this “unique adaptive reuse opportunity” will provide the developer with the chance of incorporating a new vision into this iconic development, says Swee Shou Fern, ET&Co’s senior director of investment advisory.
Golden Mile Complex has a reserve price of $800 million. The differential premium and lease upgrading premium to intensify the land use and to top up the lease to 99 years respectively will depend on the developer’s proposed land use mix.
The tender exercise will close on Jan 30, at 3pm.