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If iconic Golden Mile Complex is conserved, 86,000 sq m will be considered for mixed-use development
THE iconic Golden Mile Complex, if it finds an en bloc buyer, may be developed as an integrated development with a gross floor area (GFA) of 85,977.5 square metres, the Urban Redevelopment Authority (URA) has advised. This is subject to the conservation of the landmark’s main building.
Marketing agent Edmund Tie & Company (ET&Co) said that an outline application has been submitted to retain the existing 16-storey building and to add a new block next to the building.
Under the existing commercial zone, the property may be developed as an integrated development comprising uses such as retail, office, residential, serviced apartments and hotels. It has a land area of about 1.3 hectares and is zoned for commercial use under the URA's Master Plan 2014.
The property has been put up for collective sale with an S$800 million reserve price. The differential premium and lease upgrading premium to intensify the land use and to top up the lease to 99 years respectively will depend on the developer’s proposed land use mix. The tender exercise for the sale will close on Jan 30, 2019 at 3pm.
ET&Co senior director of investment advisory Swee Shou Fern said: “The new Golden Mile Complex will be an essential part of the rejuvenation of the Beach Road corridor. This unique adaptive reuse opportunity provides the developer with the chance of incorporating a new vision into this iconic development.”