In May 2022, Golden Mile Complex was successfully sold enbloc to a consortium comprising Far East Organization, Perennial Holdings and Sino Land for S$700 million.
Following that success, Golden Mile Tower launched its collective sale effort on 18 Nov 2022 at an indicative price of S$650 million
24 May 2023
THE collective sale tender of Golden Mile Tower closed on May 8 with no bids again, The Business Times (BT) has learnt.
However, the development’s owners have entered into private treaty negotiations with “several” interested parties, said a spokesperson from ERA, which is marketing the property. BT understands that none of the offers have matched the reserve price of S$600 million.
On Apr 7, Golden Mile Tower was relaunched for collective sale, after a first en bloc attempt at an indicative price of S$650 million closed on Jan 9 without a deal.
It is understood that the 99-year leasehold commercial development at 6001 Beach Road has been valued at S$598 million.
10 Jan 2023
OWNERS of Golden Mile Tower have entered a 10-week private treaty negotiation period with interested parties after its en bloc sale tender closed on Monday (Jan 9) with a few expressions of interest.
The Business Times (BT) understands that the 99-year leasehold commercial development at 6001 Beach Road has been valued at S$598 million, and that almost 90 per cent of owners have signed the collective sale agreement.
If the reserve price is reached, owners of the retail units will get an indicative amount of S$400,000 to S$16 million each, depending on the size of their units. Those with office units will receive S$587,000 to S$13.5 million.
18 Nov 2022
GOLDEN Mile Tower has been launched for collective sale on Friday (Nov 18) at an indicative price of S$650 million, following the successful en bloc sale of neighbouring Golden Mile Complex earlier this year.
The Business Times (BT) reported on Monday that the imminent sale of the 99-year leasehold commercial development at 6001 Beach Road could lead to further revitalisation in the area.
BT understands that there has been a lot of interest in the site, which is being marketed by ERA Realty.
Golden Mile Tower has a plot size of 8,727 square metres (sq m) and a gross floor area (GFA) of 38,953.72 sq m. With a plot ratio of 4.46, the asking price of S$650 million for the site translates to S$1,550 per square foot per plot ratio.
14 Nov 2022
The impending tender follows the successful collective sale of neighbouring Golden Mile Complex earlier this year
FURTHER revitalisation of the Beach Road area could be on the cards with Golden Mile Tower set to be launched for collective sale on Nov 18 at an indicative price of S$650 million.
Located at 6001 Beach Road, the 99-year leasehold commercial development sits next to the iconic Golden Mile Complex, which was itself successfully sold en bloc in May to a consortium comprising Far East Organization, Perennial Holdings and Sino Land for S$700 million.
Golden Mile Tower has a plot size of 8,727 square metres (sq m) and a gross floor area (GFA) of 38,953.7 sq m. With a plot ratio of 4.46, the asking price of S$650 million for the site translates to S$1,550 per square foot per plot ratio.
Based on the 2019 Master Plan, the 22-storey building is zoned for commercial use, so buyers are not subject to the additional buyer’s stamp duty and there are no restrictions on foreign ownership.
Golden Mile Tower comprises 405 strata lots, with a total of 251 retail units, 152 office units, a cinema and a carpark. It currently has a leasehold balance of 46 years.
