Golden Mile Complex – FACTSHEET

Golden Mile Complex was built in 1973 which features a 16 storey 99 years leasehold located along Beach Road. Due to its historical and architectural significance, the building was gazetted as a conserved building in October of 2021. Golden Mile Complex, which comprise of a mixture of commercial and residential elements within the development. The building is coming to its 50th anniversary and the building has already shown much deterioration which resulted in an escalating cost of maintenance. With the consensus of more than 80 per cent from the residents, Golden Mile Complex has been sold to a consortium comprising of Perennial Holdings, Sino Land, and Far East Organization. Golden Mile Complex Redevelopment is expected to start in 2023.

Golden Mile Complex Redevelopment – The Location

The former Golden Mile Complex provides residents with an amazing locality, along with its convenience of existing amenities surrounding the development. Such includes the plenty of good food just across the road over at Golden Mile Food Centre. Residence of Golden Mile Complex may also head over to the many shophouses from the stretch at Haji lane to Jalan Sultan Road. There are many unique shops in this area just across from Golden Mile Complex Redevelopment that residents can have access to. Such includes many more F&B places, cafes, bars, retail outlets. 

Situated in District 07, Golden Mile Complex Redevelopment new condo launch is in a location that is considered to be central (Check out Showflatlocation’s District segregation for more information!). Residential found in this region tends to command a higher price due to its locality. Together with District 01, 02, and 06, this cluster of districts forms the City region of Singapore. Popular neighbourhoods includes places such as Golden Mile, Bugis, Rochor, and parts of Beach Road. Here in District 07, there are mostly high rise office buildings and shopping malls. Notable residential areas includes DUO Residences and Concourse Skyline. There are also recent launches in this region which includes

• South Beach Residences
• Midtown Bay
• The M
• Midtown Modern

Golden Mile Complex Redevelopment is well within walking distance to the nearest MRT. Residents and tenants from this area are able to have access to MRT lines including

1. Nicoll Highway MRT (Circle Line)
2. Lavender MRT (East West Line)

This adds convenience to those working in areas over at Suntec City, Marina Bay Financial Centre (MBFC), and Raffles Place. 

However, all this will be gone come 2023 as the former Golden Mile Complex is schedule for redevelopment. Golden Mile Complex Redevelopment will be carried out by a consortium comprising of Perennial Holdings, Far East Organization, and Sino Land. If you wish to find similar properties available in this region, do fill in the interest form provided on this page.

Golden Mile Complex En Bloc News

Golden Mile Complex is a development that was built back in 1973. The former development is a mixed development with rich heritage, popular for its food, and rich Thai culture. A place known as “mini Thailand”, there are many Thai food and also a Thai Supermarket on the second level. The design of Golden Mile complex is the first of its kind here in Singapore by architecture firm Design Partnership. Now known as DP Architects, they are now well renowned and have take on many projects in the present times. Golden Mile Complex takes on an architectural style known as Brutalism, which is characterised by its industrial designed like feel thereby exposing the bare building structural elements used to construct a building. Due to this aged of the building with only 47 years left of lease, residents are experiencing high maintenance works and cost. 

A collective sale was previously put up in 2019 to the residents of the 16 storey building comprising of 718 strata titled units for $800 million however without success. At $800 million, the land rate will translate to an estimated S$350 per square foot per lot ratio (psf ppr). In 2021, Golden Mile Complex was gazetted as a conserved building by the Urban Redevelopment Authority (URA) of Singapore. With its most recent attempt at the same price of $800 million reserved price in 2022, it has received an offer to purchase at $100 million below the reserve price. Coming in at S$700 million, the offer came from a consortium comprising of Perennial Holdings, Far East Organization, and Sino Land. The stakes are 50%, 25%, and 25% respectively. Due to its deteriorating structure and high maintenance works, the collective sale managed to achieved more than 80% consensus from residents of the development.  

Perennial Holdings Private Limited (50% stake)

Perennial Holdings Private Limited is a company that is largely involve in the real estate and healthcare sector. Apart from their presence in Singapore, the company mainly have a huge presence in China. Other countries includes Malaysia, Indonesia and Sri Lanka. In total, Perennial has a combined portfolio of over 80 million square feet in floor area across the globe. Over in China, Perennial is a reputable commercial developer with experiences in large scale mixed and integrated developments. The group is also involve in the healthcare segments including the operations of Medical Centres, Elder and Senior Care, and Healthcare Hubs. Here in Singapore, Perennial is largely invested in the management of properties such as CHIJMES, Capital Singapore, Chinatown Point, and many more estate in prime areas. The vision of the group is to be a global leader in integrated real estate development, as well as healthcare company that continues enriching lives by serving and delivering value to stakeholders. Their continual establishment in strong relationships to create a long term growth will continue to sustain their business in time to come. Golden Mile Complex will be the latest real estate development added to their portfolio here in Singapore.

Far East Organization and Sino Land (25%-25% stake)

Far East Organization (FEO) is a real estate development organization that was founded back in 1960 by Singaporean Billionaire Ng Teng Fong. It is the biggest private real estate company in Singapore with different development industries including residential, commercial, retail, hospitality, industrial, and also healthcare sectors. In Singapore, FEO has been associate with several building real estates consisting of condo, workplaces, shopping centres, and hotels.

FEO has a subsidiary firm over in Hong Kong well known as Sino Group. Collectively, they are worth over $40 billion in assets and has contributed jobs opportunities globally. Begun with modest starts, Ng’s parents were immigrants from China. He established FEO back in 1960 and finished their very initial residential property which comprise of 72 terrace houses in Serangoon Gardens. FEO later ventured into the hotel market the year after with the development of Singapura Forum Hotel over in Orchard Road. They continued their domination in Orchard Road over the years with added developments such as Singapore Hilton Hotel, Far East Shopping SCentre, Lucky Plaza, Orchard Plaza and more.

By 1980s, FEO is the largest private real estate developer in Singapore. With their competitive land procurement, they were likewise the largest private landholder in Singapore. The company continued through the years as well as has survived multiple recession and also downturns. Over the years, FEO has actually attained a success that few can achieve. They have actually won numerous awards as well as continue to do so throughout the years. It is the only developer worldwide to win ten FIABCI Prix d’Excellence Awards. This is the highest possible honour that can achieve on a worldwide level. Together with Perennial, the redevelopment of Golden Mile complex will be the latest joint partnership development to be constructed in District 07 of Singapore.

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