Golden Mile Tower back on the market at S$556 million

GOLDEN Mile Tower will be relaunched for collective sale again – this time at a lower reserve price of S$556 million, down 7.3 per cent from the S$600 million reserve price listed in its previous attempt. 

The lower reserve price translates to a land rate of S$1,117 per square foot (psf), before factoring in land-betterment charges and a premium to upgrade the lease to a fresh 99-year period. 

Anna Tan, business development director at Tag Realty, the sales agent, told The Business Times that the current attempt is “quite promising” – the owners are submitting an outline application to the Urban Redevelopment Authority (URA) for the redevelopment of the site.