The landmark property close to Nicoll Highway MRT station could be redeveloped into an integrated development. (Photo: ET&Co)
Golden Mile Complex, a landmark commercial property with a step-terraced building design along Beach Road, has been put up for collective sale with a reserve price of $800 million, revealed marketing agent Edmund Tie & Company (ET&Co).
Nestled on a 1.3ha site zoned commercial under the 2014 Master Plan, the property offers dual frontage along Nicoll Highway and Beach Road.
It is strategically located near Nicoll Highway MRT station on the Circle Line, just outside the ERP zone.
Situated within the Beach Road/Ophir-Rochor Corridor, Golden Mile Complex presents developers an opportunity to create a landmark development that integrates work, live and play elements, said ET&Co.
As such, the differential premium to intensify land use and lease upgrading premium to top up the lease to 99 years will depend on the proposed land use mix of the developer.
“The new Golden Mile Complex will be an essential part of the rejuvenation of the Beach Road corridor and we are working closely with DP Architects and URA on the conservation of the building and further ways to enhance its potential,” said ET&Co senior director of investment advisory Swee Shou Fern.
“This unique adaptive reuse opportunity provides the developer with the chance of incorporating a new vision into this iconic development…The collective sale of a large-scale conserved building in Singapore is unprecedented and we will be conducting a longer tender process to allow interested parties to carry out a detailed study.”
With Golden Mile Complex under conservation study, the URA has advised that they are open for discussions to facilitate the iconic building’s conservation.
“Many successful developments that integrate older buildings not only manage to optimise the land use efficiency, but also leverage on the history of the site to bring value to the sense of place and identity of the development. We can create win-win situations with sensitive adaptive reuse,” said DP Architects director Chan Hui Min.
The tender for Golden Mile Complex closes 30 January 2019.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email firstname.lastname@example.org