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Golden Mile Tower to be launched for en bloc sale at indicative price of S$650m

The impending tender follows the successful collective sale of neighbouring Golden Mile Complex earlier this year

Corinne Kerk

Published Mon, Nov 14, 2022 · 05:50 AM

Singapore commercial property

FURTHER revitalisation of the Beach Road area could be on the cards with Golden Mile Tower set to be launched for collective sale on Nov 18 at an indicative price of S$650 million.

Located at 6001 Beach Road, the 99-year leasehold commercial development sits next to the iconic Golden Mile Complex, which was itself successfully sold en bloc in May to a consortium comprising Far East Organization, Perennial Holdings and Sino Land for S$700 million.

Golden Mile Tower has a plot size of 8,727 square metres (sq m) and a gross floor area (GFA) of 38,953.7 sq m. With a plot ratio of 4.46, the asking price of S$650 million for the site translates to S$1,550 per square foot per plot ratio.

Based on the 2019 Master Plan, the 22-storey building is zoned for commercial use, so buyers are not subject to the additional buyer’s stamp duty and there are no restrictions on foreign o…