80% Of Golden Mile Complex Tenants Agree To S$700 Million En Bloc Sale
In 1973, Golden Mile Complex was built for S$18 million. Since then, it has made its mark in the architectural history of Singapore as well as on a cultural front.
6 Things To Know About Golden Mile Complex, The Latest En-Bloc Victim
Nearly half a century since its development, more than 80% of its occupants have apparently agreed to a S$700 million en bloc sale.
Overwhelming support for en bloc sale of Golden Mile Complex
Channel NewsAsia (CNA) said they saw a letter from Golden Mile Complex’s marketing agent Edmund Tie & Company reporting an “overwhelming support” for the building’s S$700 million en bloc sale.
They had reportedly garnered the consent of over 80% of the tenants in a “record time of 15 days”.
Source: Google Maps
Nevertheless, the S$700 million offer is lower than the reserve price of S$800 million. The buyer was also not named in the letter.
In order for the en bloc sale to proceed, the collective sale committee has to exercise the conditional agreement by 9 May.
Only then can an Owners’ Meeting be held to discuss the next steps to take.
Golden Mile Complex is an icon of Singaporean architecture
Even though Golden Mile Complex is likely to be sold, developers have to abide by conservation guidelines when redeveloping the property — the building was gazetted as a conserved building last October.
The mall was one of the first mixed-use developments in the country, simultaneously a commercial and residential development.
Furthermore, the establishment sported an eco-friendly design before it became popular. Its terrace design promoted light and ventilation while being aesthetically unique and eye-catching.
Source: Google Maps
It is also a hotspot for all things Thai — from selling Thai products and being a popular mookata spot in Singapore.
Looking forward to progress of en bloc sale
Safe to say, Gold Mile Complex has a special place in many of our hearts, especially among supper-goers and others who love all things Thai.
Hopefully, discussions between stakeholders will proceed smoothly and they will reach an outcome that satisfies everyone.’
What are your favourite memories at Golden Mile Complex? Tell us in the comments below.
Have news you must share? Get in touch with us via email at news@mustsharenews.com.
Featured image adapted from Cheng Kiang Ng on Flickr.
Drop us your email so you won't miss the latest news.
