Golden Mile Complex gets more than 80% of owners’ consent for en bloc sale at S$700m

SINGAPORE: The iconic Golden Mile Complex is a step closer to being sold en bloc, with its collective sale committee receiving more than 80 per cent of owners’ consent for the sale at an offer of S$700 million.

In a letter to owners seen by CNA on Wednesday (Apr 27), the development’s marketing agent Edmund Tie & Company said it had received “overwhelming support” for the sale. The letter, dated Apr 23, was also confirmed by a unit owner.

The team said they garnered more than 80 per cent of owners’ consent in terms of both strata area and share value — within a “record time of 15 days".

The letter did not name the buyer, but previous media reports stated that a consortium comprising Far East Organization and Perennial Holdings made a S$700m offer. The offer is lower than the reserve price of S$800 million.

Lawyers will be conducting a verification of the signatures, which will take about a week to complete, the letter stated.

“Under the conditional agreement, the collective sale committee has up till May 9, 2022 to exercise the option," it added.

“Once the conditional agreement has been exercised, we will hold an Owners’ Meeting as soon as is practicable to share with you the indicative sale timeline and the steps forward.”

The team also said it continues to "welcome the support of owners who have not signed the collective sale agreement but are now ready to sign the agreement".

Built in 1973, the 16-storey Golden Mile Complex was gazetted as a conserved building in October last year in light of its historical and architectural significance. 

With the move, developers will have to abide by conservation guidelines, making its redevelopment trickier than for other buildings.

But the Urban Redevelopment Authority (URA) has dangled additional planning incentives for the development.

These include a partial development charge waiver on the bonus floor area and a full waiver on the conserved floor area. The developer may also renew the lease to a fresh 99-year lease, subject to certain approvals, among other incentives.

The building's last attempt to go en bloc was in 2019, to the tune of S$800m. It did not receive any bids then.

Lin, C. (2022, April 27). Golden Mile Complex gets more than 80% of owners’ consent for en bloc sale at S$700m. CNA. https://www.channelnewsasia.com/singapore/golden-mile-complex-en-bloc-700-million-owners-consent-2651326