Golden Mile Tower cinema space put up for sale with S$31 million guide price

[SINGAPORE] Multiple levels of strata-titled cinema space at the iconic Golden Mile Tower on Beach Road have been put up for sale with a guide price of S$31 million.

The 104,991 square feet of space, currently occupied by Carnival Cinemas Singapore, is spread across three levels in the cinema block at Golden Mile Tower, located at 6001 Beach Road.

The S$31 million guide price translates to roughly S$295 per square foot based on the strata area.

On the premises are four auditoriums with a combined seating capacity of up to 2,000, as well as office spaces on the third and fourth levels.

Carnival Cinemas, which focuses on Bollywood and South Asian films, has occupied the space since 2017 after taking over Rex Golden Mile cinema.

CBRE said that the space is being offered for sale with tenancy.

Joshua Giam, CBRE’s director of capital markets for Singapore, said that the asset offers a high degree of versatility for incoming buyers.

“Such a sizeable strata commercial space in a prime location is rarely available for sale, presenting an exceptionally unique opportunity,” he said.

“Subject to the relevant authorities’ approval, there is potential to reconfigure the premises into a single large auditorium with a seating capacity of close to 2,000, or to partially convert the space into alternative uses such as an event venue, media production studio, or gym,” he added.

SEE ALSO

Former Cathay cinema operator gets 4-month extension for debt moratorium

Singapore retail rents fall 0.6% in Q1 as vacancy rate remains flat: URA

The marketing of the cinema space comes in the wake of a failed attempt at a collective sale by owners of Golden Mile Tower. The architecturally distinctive complex was on the market for the third time in 2024.

On the third try, the site was marketed at a reserve price of S$556 million, lower than the S$650 million reserve price in November 2022, and S$600 million in April 2023.

Golden Mile Tower owners had earlier in 2024 applied to the Urban Redevelopment Authority (URA) for the complex to be redeveloped as a 46,253 sq m mixed-use development, as a demonstration of the property’s redevelopment potential to potential buyers.

The proposal – which included a 35-storey office and residential tower, a 32-storey office and hotel tower and a five-storey retail podium – was on Dec 23, 2024 rejected by the URA.

However, the agency made a counter-proposal with two options, including one that required the retention of the cinema block.

In response to queries from The Business Times on the status of that plan, CBRE said that it did not have enough information to share.

In the current marketing exercise for the sale of the cinema space, CBRE expects strong interest from both end-users and investors.

The building is situated 200 m from the Nicoll Highway MRT station, placing it one train stop away from Suntec City and two stops from Marina Bay Sands.

Road connectivity is supported by major arterial roads and expressways, including Beach Road, Nicoll Highway, the East Coast Parkway and the upcoming North-South Corridor.

The building is directly adjacent to the upcoming Golden Mile redevelopment. That project is expected to enhance the area’s appeal, increasing footfall and supporting long-term value appreciation within the precinct.

Golden Mile Tower currently comprises an 18-storey office tower on top of a six-storey retail and car park podium containing the cinema block – which houses Carnival Cinemas and The Filmhouse, an indie cinema which had taken over the space of The Projector on the fifth floor earlier this year.

The expression of interest exercise for the property will close on Aug 4.