Golden Mile Complex’s S$700M En Bloc Sale Finalised, Building Will Be ‘Sensitively Restored’

Golden Mile Complex Bought By Joint Venture Of 3 Property Companies

Since Golden Mile Complex on Beach Road was completed in 1973, it has been one of Singapore’s architectural highlights.

After receiving all sorts of awards from the architecture fraternity, many Singaporeans wanted to see the building conserved despite going en bloc.

This was noted by the buyers of the landmark when they finalised its S$700 million sale on Friday (6 May).

The existing building will be sensitively restored, they said.

Bought by joint venture

The purchasing consortium is a joint venture between three property companies:

1. Perennial Holdings Private Limited
2. Sino Land
3. Far East Organization

Perennial makes up 50% of this joint venture, said a press release sent to MS News by Perennial Holdings on Friday (6 May).

The other two companies make up 25% each.

A historic sale

In the announcement, the group also said the sale will be a historic one.

It’ll be the first time a large-scale strata-titled conserved building in Singapore goes en bloc.

They noted that the building has “unparalleled access” to the Central Business District (CBD) and Marina Bay.

They’re also many popular attractions nearby like Haji Lane, Kampong Gelam, Kallang Riverside Park and the Singapore Sports Hub.

Gazetted for conservation by URA

Singaporeans may wonder if the sale means that the building as we know it will undergo major changes.

We should be assured, however, that it’s been gazetted for conservation by the Urban Redevelopment Authority (URA).

Thus, despite the sale, “the existing building will be sensitively restored”, the joint venture said.

That means they’ll pay “special attention” to retaining its key features, like the terraced profile, regarded as the building’s signature.

They’ll also “explore transforming Golden Mile Complex into a mixed-use integrated development comprising office, retail, and residential components”.

Companies have experience in conservation

The three companies have experience in conserving old buildings.

Perennial was responsible for the transformation of the Capitol Singapore into an integrated development consisting of a mall, theatre, apartments and hotel.

Sino Group was behind the restoration of The Fullerton Heritage Precinct, which includes heritage buildings like The Fullerton Hotel, Clifford Pier and Fullerton Waterboat House.

Far East Organization has handled the conservation of buildings like Far East Square and The Barracks Hotel in Sentosa.

With such a good track record, we’ll look forward to what they have in store for Golden Mile Complex.

Over 80% of occupants gave consent

The writing was on the wall for the building when more than 80% of its occupants reportedly agreed to the S$700 million sale.

They gave their consent in a record 15 days.

In order for the sale to proceed, the conditional agreement had to be exercised by 9 May — and this option was duly exercised by the buyers three days early.

Challenge to retain building’s character

Needless to say, Golden Mile Complex has a special place in Singaporeans’ hearts, especially among those who love all things Thai.

However, as a late-night supper spot, it also has a reputation for bad behaviour, as brawls and assaults have been reported there.

That’s why the buyers will have the challenge of retaining the building’s architectural character, but keeping all the things that it’s loved for.

We wish them all the best and can’t wait to see what’s in the cards for the iconic structure.