The iconic development has been put up for collective sale at $800 million. (Photo: ET&Co)
The landmark Golden Mile Complex may be developed into an integrated development with a gross floor area (GFA) of 85,977.5 sq m, provided its main building is conserved, according to the Urban Redevelopment Authority (URA).
This comes after the property’s marketing agent Edmund Tie & Company filed an outline application to retain the existing 16-storey building and to add a new block next to the building.
“The planning advice from URA indicates that under the existing commercial zone, the property may be developed as an integrated development comprising uses such as retail, office, residential, serviced apartments and hotels.”
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With a land area of about 1.3ha, the iconic development is located within the Beach Road/Ophir-Rochor Corridor, near the Nicoll Highway MRT station on the Circle Line and just outside the ERP zone.
“Golden Mile Complex is a national icon that has shaped the visual character of our built landscape. We are proud to present this rare opportunity for adaptive reuse,” said Swee Shou Fern, senior director of investment advisory at Edmund Tie & Company.
“Its distinctive architecture and worldwide iconic status will offer tremendous potential to transform the property into an exciting work-live-play destination in this growth area.”
Golden Mile Complex is up for collective sale at $800 million.
Edmund Tie & Company noted that the differential premium and lease upgrading premium to intensify the land use and to top up the lease to a fresh 99 years respectively would depend on the proposed land use mix by the developer.
The tender exercise for Golden Mile Complex closes on 30 January.
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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg