Golden Mile Tower owners in private talks after close of S$650m en bloc tender

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.

BT first reported that Golden Mile Tower was launched for sale on Nov 18 last year at an indicative price of $650 million. Marketed by ERA Realty, it has a plot size of 8,727 square metres (sq m) and a gross floor area of 38,953.72 sq m. With a plot ratio of 4.46, the asking price for the site translates to S$1,550 per square foot per plot ratio.