Press Coverage Timeline
Golden Mile Complex gets 80 per cent mandate for collective sale at $700 million
27 Apr 2022
More than 80 per cent of Golden Mile Complex owners have agreed to a collective sale of the iconic Beach Road building at $700 million.
In a letter to owners last Saturday (April 23), the development's marketing agent, Edmund Tie & Company, said it had received "overwhelming support" for the collective sale, with more than 80 per cent of owners giving their consent in both strata area and share value within "a record time of 15 days".
Under the conditional agreement, the collective sale committee (CSC) has up till May 9 to exercise the option, said the letter, which was seen by The Straits Times.
Once the conditional agreement has been exercised, an owners' meeting will be held as soon as practicable to share the indicative sale timeline and the steps forward, it added.
Reference
Golden Mile Complex gets $700m collective sale offer from Far East Organization, Perennial Holdings
30 Mar 2022
An offer of $700 million has been made for Golden Mile Complex in Beach Road, following extensive private treaty negotiations for the iconic development, which was put up for collective sale last year at a reserve price of $800 million.
According to a March 28 letter to the owners of Golden Mile Complex seen by The Straits Times, the collective sale committee (CSC) has entered into a conditional agreement with a consortium comprising Far East Organization and Perennial Holdings.
The tender for Golden Mile Complex closed on Feb 28.
Reference
Golden Mile Complex in second collective sale attempt at S$800m reserve price
30 Nov 2021
GOLDEN Mile Complex has been put up for sale in its second collective sale attempt at a reserve price of S$800 million, said sole marketing agent Edmund Tie & Company on Tuesday (Nov 30).
The last sale attempt of the property - gazetted as a conserved building by the Urban Redevelopment Authority (URA) on Oct 22, 2021 - had ended in July 2019, with the 2 tenders in the first round of the collective sale exercise closing with no bids.
The reserve price for the sale remains the same as its previous attempt. Depending on the proposed mix of uses, the indicative land rate will work out to S$1,350 per square foot (psf) per plot ratio, including differential and lease upgrading premiums.
Reference
Conservation of Golden Mile Complex paves way to protect S'pore's modernist buildings
26 Oct 2021
Golden Mile Complex was gazetted for conservation last Friday (Oct 22), a year after the government announced its intention to do so.
The 48-year-old building represents the architectural and engineering prowess of Singapore's pioneer building professionals, and exemplifies Singapore's urban renewal in the early independence years as one of the first high-rise mixed-use developments here.
To address concerns from building owners that conservation may affect the chances of a collective sale, the Urban Redevelopment Authority (URA) has offered a package of incentives to make development options for the site more attractive to potential buyers, including a one-third increase in floor area with a waiver of part of its development charge.
Reference
Golden Mile Complex gazetted as conserved building
22 Oct 2021
The iconic Golden Mile Complex has been gazetted as a conserved building, a year after the Urban Redevelopment Authority (URA) had proposed to do so.
This makes it the first modern, large-scale, strata-titled development to be conserved in Singapore, Minister for National Development Desmond Lee announced on Friday (Oct 22).
Golden Mile Complex, located along Beach Road and Nicoll Highway, is recognisable by its signature step-terraced facade.
Completed in 1973, the 16-storey building was one of the first high-rise, mixed-use developments in Singapore.
Supporting the conservation and commercial viability of Golden Mile Complex
9 Oct 2020
Reference
The Urban Redevelopment Authority (URA) announced today that Golden Mile Complex will be proposed for conservation in view of its historical and architectural significance. A set of planning incentives will also be offered to support the adaptive reuse and commercial viability of the building given the building owners’ interest in a collective sale.
A symbol of innovative and bold architecture and development
Golden Mile Complex is a symbol of the architectural and engineering ingenuity of Singapore’s pioneer generation of building professionals1, and encapsulates the people’s bold vision and imagination for vibrant, inclusive and high-rise living during Singapore’s nation building days.
The 16-storey building was one of the earliest government land sale sites, located along the newly reclaimed Beach Road coined as the “Golden Mile”, which gave the building its name. Completed in 1973, it was one of the first large mixed-use developments in Singapore that integrated commercial, recreational and residential uses in a single building, creating a liveable and compact urban development. The building adapted the modern style to Singapore’s local context and was structurally ambitious with its “terraced” floor slabs, slanted beams, towering columns and “floating” staggered staircases, which required skilled construction methods. Its distinctive external terraced profile facing Nicoll Highway allowed residents to enjoy open views of Kallang Basin, and brought natural light and ventilation into the heart of the building.
Golden Mile Complex attracted a live-in population and visitors for recreation, as well as catalysed new developments along the Beach Road area. The building continues to be a distinctive landmark and symbol of Singaporeans’ collective memories and the “can-do spirit” of our pioneer generation during the post-independence years.
As such, URA proposes to conserve the main building with its signature terraced profile atop the podium block as key features to be retained. There are opportunities to adapt the building for new uses, restore and transform it and the Beach Road precinct into a more vibrant destination where more people can appreciate its rich heritage.
Balancing stakeholders’ interests
The decision to conserve Golden Mile Complex comes after an extensive two-year study that included engaging diverse groups of stakeholders, as well as working with various agencies. In recognition of its conservation merits and the building owners’ interest in a collective sale, URA thoroughly studied ways to conserve the building while supporting adaptive reuse and commercial viability, while considering the feedback received.
In addition to the Heritage and Identity Partnership2, input was sought from building owners, heritage groups and industry players. In summary, while there is strong support for the historical and architectural merits of Golden Mile Complex, building owners raised concerns over how conservation requirements could impact plans for a collective sale, especially given the associated building maintenance costs and design constraints. Developers also cited uncertainties surrounding the local property market’s reception to purchasing a large-scale strata-titled conserved development – which would be the first sale of its kind in Singapore.
Supporting commercial viability
In response to these challenges, URA and relevant agencies are prepared to offer incentives to the building owners or prospective buyer-developers should the conserved building be sold.
The incentives include bonus floor area3 which will allow the building of an additional 30-storey tower within the existing site, a partial development charge waiver on the additional floor area4, a development charge waiver for the enhancement in value5 of the conserved gross floor area, adjustment of the site boundary to be more regular, the option to top up the lease on the land to 99 years, and the flexibility to adapt the building to a mix of possible uses.
In addition, URA is prepared to work closely with owners and industry experts to facilitate adaptive reuse possibilities within the requirements of conservation.
Overall, more than 7,200 heritage buildings have been conserved islandwide, mostly dating from the colonial period. As Singapore continues to progress, URA will continue to engage Singaporeans on how to celebrate significant buildings from our more recent past and facilitate a balance between heritage and development, to shape a city that is distinctive and endearing to all Singaporeans.
The proposal to conserve Golden Mile Complex will be published on 10 October 2020 and is open for public feedback and comments from 10 October 2020 to 8 November 2020 at the URA Centre. It can also be viewed online at
https://www.ura.gov.sg/Corporate/Planning/Master-Plan/Amendments/2019/gazetted-proposed-amendments-to-master-plan-2019/list-proposed-amendments
1 Golden Mile Complex was designed by Singapore’s pioneer architects Gan Eng Oon, William Lim, and Tay Kheng Soon from the home-grown firm Design Partnership (now DP Architects).
2 The Heritage and Identity Partnership (HIP) serves as a platform for regular dialogue between URA and its members of diverse backgrounds, including individuals from the building industry, arts and heritage sector, journalism, business and property owners, and academia. The scope of work of the HIP is to provide feedback and suggest possible ways to sustain and manage built heritage and identity, and to promote greater public education and understanding of built heritage
3 This will result in a total Gross Plot Ratio of 5.6 for the site, a one third increase over the existing development intensity.
4 The partial development charge waiver is capped at 10% of the market value of the entire development, or 10% of the estimated land value of the entire development based on the DC Rates as of September 2020 depending on the approved use mix, whichever is lower.
5 Enhancement in value may arise from a change of use.
Golden Mile Complex to be conserved, with incentives to attract developers in future en bloc sale: URA
9 Oct 2020
The iconic Golden Mile Complex building, with its terraced facade facing Nicoll Highway, is being proposed for conservation because of its historical and architectural significance, the Urban Redevelopment Authority (URA) said on Friday (Oct 9).
The decision, taken after a two-year study, starts the process to have it gazetted as a conserved building.
But to help ensure that the move will not inhibit a future collective sale, the URA, in an unusual move, is offering developers additional planning incentives, including a one-third increase in floor area with a waiver of part of its development charge (DC) and the option to adjust the boundary of the 1.3ha site.
In turn, developers have to abide by the conservation guidelines.
Most importantly, they have to retain the development's landmark main building that is famed for its signature stepped terraces atop the podium facing Nicoll Highway.
Other key features that have to be kept include the stepped building profile and plinth-like profile on the side facing Beach Road.
Reference
Golden Mile Complex seeks to sell en bloc again
27 Mar 2019
Iconic development Golden Mile Complex will today be launched for tender a second time after it closed its initial tender on its collective sale on Jan 30.
Its reserve price remains unchanged at $800 million.
Marketing agent Edmund Tie & Company declined to reveal details about the results of the first tender or when the collective sale agreement expires.
The 718-unit property in Beach Road has a land area of about 1.3ha and is zoned for commercial use under the Urban Redevelopment Authority (URA) Master Plan 2014.
Reference
Golden Mile Complex may be used for integrated development
9 Jan 2019
The landmark Golden Mile Complex may be developed into an integrated development with a gross floor area (GFA) of 85,977.5 sq m, provided its main building is conserved, according to the Urban Redevelopment Authority (URA).
This comes after the property’s marketing agent Edmund Tie & Company filed an outline application to retain the existing 16-storey building and to add a new block next to the building.
“The planning advice from URA indicates that 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.”
Reference
If iconic Golden Mile Complex is conserved, URA will consider 86,000 sq m for mixed-use development
8 Jan 2019
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.
Reference
Golden Mile Complex stays for now, but experts say conserving it may not help en-bloc sale
8 Jan 2019
The iconic Golden Mile Complex on Beach Road is set to stay, for now at least, if the site successfully gets a buyer in its collective sale attempt.
Property analysts are, however, unsure whether retaining the 46-year-old building will make the site more attractive to potential buyers.
The plot with a mixed-use development has been put up for sale since Oct 31 last year for S$800 million. Its marketing agent Edmund Tie & Company announced in a press release on Wednesday (Jan 8) that the Urban Redevelopment Authority (URA) has advised that potential buyers can redevelop up to almost 86,000sqm of the site.
Reference
Golden Mile Complex may stay - even with en bloc
31 Oct 2018
THE iconic step-terraced Golden Mile Complex building could be spared from the wrecking ball - even if it finds an en bloc buyer at its reserve price of S$800 million.
An outline application has been submitted to retain the existing 16-storey building and add a new block next to the building, subject to authorities' approval, marketing agent Edmund Tie & Company (ET&Co) revealed in its tender announcement.
Golden Mile Complex Up For Sale At $800m
31 Oct 2018
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.
Reference
