Follow us on Telegram for the latest updates: https://t.me/mothershipsg

Golden Mile Complex looks set to be sold en bloc.

Its collective sale committee received more than 80 per cent of owners’ consent to sell at the S$700 million offer price, even though it is lower than the reserve price of S$800 million.

CNA reported that a April 23 letter sent to owners informed them that the development’s marketing agent Edmund Tie & Company had received “overwhelming support” within 15 days from more than 80 per cent of owners for the sale.

A consortium comprising Far East Organization and Perennial Holdings made the S$700m offer.

The collective sale committee has up till May 9, 2022 to exercise the option.

A meeting with owners will then be held to share with them the indicative sale timeline.

The letter also said lawyers will need to conduct a verification of the signatures, which will take about a week to complete.

The 16-storey Golden Mile Complex was built in 1973 and gazetted as a conserved building in October 2021 owing to its historical and architectural significance.

Developers will have to abide by conservation guidelines as a result of the 49-year-old building being gazetted.

It will effectively make redevelopment more challenging.

But the Urban Redevelopment Authority (URA) is providing additional planning incentives for the redevelopment, such as allowing the developer to renew the lease to a fresh 99-year lease, subject to certain approvals.

Top photo via Google Maps