The Business Times, 27 Apr 2022, Wed 10:19 pm
By Lisa Kriwangko
MORE than 80 per cent of Golden Mile Complex owners have agreed to a collective sale at S$700 million, which is lower than its original S$800 million reserve price.
The offer was made by a consortium comprising Far East Organization and Perennial Holdings last month via private-treaty negotiations after the building closed its second en bloc tender on Feb 28.
The Beach Road development’s first collective sale attempt in July 2019, also at a reserve price of S$800 million, drew no bids.
Last year, Golden Mile Complex was gazetted as a conserved building by the Urban Redevelopment Authority (URA) for its historical and architectural significance. The 16-storey building has a gross floor area (GFA) of 56,000 square metres (sq m), with a maximum GFA of around 81,000 sq m.
As it is zoned for commercial use, its buyers will not need to pay an additional buyer’s stamp duty.
The latest offer has obtained consent from more than the required 80 per cent of owners in both strata area and share values. Under the conditional agreement, the collective sale committee has up until May 9 to exercise the option.
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