If iconic Golden Mile Complex is conserved, URA will consider 86,000 sq m for mixed-use development

Under the existing commercial zone, Golden Mile Complex may be developed as an integrated development comprising uses such as retail, office, residential, serviced apartments and hotels.
Dated: 08-Jan-2019

SINGAPORE - The iconic Golden Mile Complex, if it finds an en bloc buyer, may be turned into an integrated development with a gross floor area (GFA) of 85,977.5 square metres, the Urban Redevelopment Authority (URA) has advised. This is subject to the conservation of the landmark's main building.

URA response was to an outline application submitted to retain the existing 16-storey building and to add a new block next to it, marketing agent Edmund Tie & Company (ET&Co) announced in a media release on Tuesday (Jan 8).

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. It has a land area of about 1.3 hectares and is zoned for commercial use under the URA's Master Plan 2014.

Completed in 1973, the building, considered an icon of urbanism with a signature step-terraced design, has 49 years left on its lease. It was put up for collective sale with an $800 million reserve price. The differential premium and lease upgrading premium to intensify the land use and to top up the lease to 99 years respectively will depend on the developer's proposed land use mix.

At $800 million, the 68 residential owners stand to get a gross payout of between $1.27 million and $6 million each, while the 418 shop units can get between $200,000 and $7 million each. Owners of the 227 office units stand to get between $360,000 and $3 million each.

The tender exercise for the sale will close on Jan 30 at 3pm.

ET&Co senior director of investment advisory Swee Shou Fern said: "The new Golden Mile Complex will be an essential part of the rejuvenation of the Beach Road corridor. This unique adaptive reuse opportunity provides the developer with the chance of incorporating a new vision into this iconic development."

Source: Straits Times