The_King Posted December 2, 2021 Share Posted December 2, 2021 SINGAPORE - The iconic Golden Mile Complex at Beach Road, which was gazetted as a conserved building in October, is up for collective sale again at the same reserve price of $800 million after its last attempt ended with no bids. The 16-storey building with 718 strata-titled units has 47 years left on its lease. Its owners last launched an en bloc sale in October 2018, but the two tenders in that first round closed without buyers in July 2019. The collective sale was reactivated immediately in August 2019, with the collective sale committee and marketing agent Edmund Tie continuing to provide feedback to the Urban Redevelopment Authority (URA) on the proposed conservation. At $800 million and depending on the proposed use mix, the indicative land rate will work out to about $1,350 per square foot per plot ratio including differential premium and lease upgrading premium payable. There is no additional buyer's stamp duty payable for buying the site as Golden Mile Complex is zoned for commercial use. There are also no restrictions on foreign ownership. Golden Mile Complex was completed in 1973, and is the first modern, large-scale strata-titled development conserved here. Known for its Brutalist architectural style, signature building features include its step terrace, slanted beams, and "floating" staggered staircases. The site will have a maximum potential gross floor area of 81,000 square metres. Additionally, a new 30-storey tower can be built beside the conserved building. In return for developers' abiding by the conservation guidelines, URA is offering additional planning incentives. These include a one-third increase in floor area with full tax waiver for the conserved floor area, a partial tax waiver for new floor area, lease renewal for a fresh 99 years, and the option to adjust the boundary of the 1.3 ha site. "The incentive package is unique to Golden Mile Complex, as its conservation is the first of its kind, another pioneering endeavour," Minister for National Development Desmond Lee said in October when he announced that the building had been conserved. "We hope that developers will consider the potential of the site, alongside our vision to rejuvenate a national icon," the minister added. Ms Swee Shou Fern, executive director of investment advisory at Edmund Tie, said: "Golden Mile Complex is a national icon that has shaped the visual character of our built landscape. Its distinctive architecture and worldwide iconic status will offer tremendous potential to transform the property to a vibrant destination integrating work, live, and play elements. "Besides financial incentives in the form of development charge waivers, the (conservation incentives) package offers the developers flexibility in the use mix as well as design flexibility by allowing reconfiguration of the site boundary," she added. The current tender will also include a building study of Golden Mile Complex, undertaken by URA, to guide bidders in factoring in rehabilitation works in their evaluation. The tender for Golden Mile Complex will close on Feb 28, 2022, at 3 pm. 1 Link to comment Share on other sites More sharing options...
socrates469bc Posted December 2, 2021 Share Posted December 2, 2021 5 hours ago, The_King said: "The incentive package is unique to Golden Mile Complex, as its conservation is the first of its kind, another pioneering endeavour," Minister for National Development Desmond Lee said in October when he announced that the building had been conserved. "We hope that developers will consider the potential of the site, alongside our vision to rejuvenate a national icon," the minister added. Ms Swee Shou Fern, executive director of investment advisory at Edmund Tie, said: "Golden Mile Complex is a national icon that has shaped the visual character of our built landscape. Its distinctive architecture and worldwide iconic status will offer tremendous potential to transform the property to a vibrant destination integrating work, live, and play elements. really using all sort of ghost words to con investors. 47 yrs left on the lease and still have to undertake refurbishment is jin kumgong investment. more practical is add another 99 yrs onto the lease, confirm sure got kumgong takers. but give limpeh sell this project to my good friend sherman, his laopeh sure give him another sgd1.9bln to burn one. wahahahahaha 2 Link to comment Share on other sites More sharing options...
The_King Posted December 2, 2021 Author Share Posted December 2, 2021 56 minutes ago, socrates469bc said: really using all sort of ghost words to con investors. 47 yrs left on the lease and still have to undertake refurbishment is jin kumgong investment. more practical is add another 99 yrs onto the lease, confirm sure got kumgong takers. but give limpeh sell this project to my good friend sherman, his laopeh sure give him another sgd1.9bln to burn one. wahahahahaha 47yr left already very bad and it make it worst it Conserved landmark 2 Link to comment Share on other sites More sharing options...
XianGe Posted December 3, 2021 Share Posted December 3, 2021 16 hours ago, The_King said: 47yr left already very bad and it make it worst it Conserved landmark Kenna pwn by those outsiders who kept crying out tat GMC should be conserved... IMO, it should never hv been conserved... Nuttin out of norm.... can easily build a development anyday... It's an eyesore if u seen it on nicholl highway... Dirty and old... 2 1 Link to comment Share on other sites More sharing options...
The_King Posted December 3, 2021 Author Share Posted December 3, 2021 4 minutes ago, XianGe said: Kenna pwn by those outsiders who kept crying out tat GMC should be conserved... IMO, it should never hv been conserved... Nuttin out of norm.... can easily build a development anyday... It's an eyesore if u seen it on nicholl highway... Dirty and old... Those dkgk don't know what is conserved status mean. Now I dun think anyone dare to come in 2 1 Link to comment Share on other sites More sharing options...
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