Golden Mile Complex gets 80 per cent mandate for collective sale at $700 million

The 16-storey building has a gross floor area (GFA) of 56,000 square metres (sq m), with a maximum GFA of around 81,000 sq m. PHOTO: ST FILE

SINGAPORE - 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.

Lawyers will be conducting a verification of the signatures, which will take about a week to complete, the letter stated.

ST reported last month that the CSC had entered into a conditional agreement with a consortium comprising real estate developer Far East Organization and Perennial Holdings, an integrated real estate and healthcare company, following extensive private-treaty negotiations

The building had closed its second en bloc tender on Feb 28. Golden Mile Complex's first collective sale attempt, at a reserve price of $800 million, ended in 2019 with no bids.

Last year, the 49-year-old building formerly known as Woh Hup Complex was gazetted as a conserved building by the Urban Redevelopment Authority for its historical and architectural significance.

The 16-storey building has a gross floor area (GFA) of 56,000 sq m, with a maximum GFA of around 81,000 sq m.

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