Yahoo Finance Golden Mile Complex sold for $700 mil to Perennial, Sino Land, and Far East Organization joint venture
Golden Mile Complex sold en bloc to a joint venture made up of Perennial Holdings, Sino Land and Far East Organization (Photo: Samuel Isaac Chua/EdgeProp Singapore)
SINGAPORE (EDGEPROP) - The iconic Golden Mile Complex has been sold for $700 million to a joint venture comprising Perennial Holdings, Sino Land, and Far East Organization. This is the first time all three developers are jointly redeveloping a project.
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According to a joint press release by the three companies on May 6, they had exercised the option of the collective sale under a private treaty sale. Perennial Holdings has a 50% stake in the joint venture, while Sino Land and Far East Organization each holds a 25% stake.
The deal was brokered by Edmund Tie who was the exclusive marketing agency for the collective sale. “Undoubtedly, the success is achievable only with the strong support from the owners of the 718-unit development, giving the requisite 80% consent in both Strata Area and Share Value within 15 days,” says Swee Shou Fern, head of investment advisory at Edmund Tie.
The collective sale is still subject to the finalisation of agreements between the joint venture partners and Golden Mile Complex’s owners, but if successful the transaction would mark the first collective sale of a large-scale strata-titled conserved building in Singapore.
If the collective sale of Golden Mile Complex is sucessful its redevelopment could have a knock on effect on the surrounding residential and commercial properties, boosting potential collective sale tenders and property prices. Check out EdgeProp's Landlens research tool for more data.
The building is already gazetted for conservation, and the developers say that the existing building will be ‘sensitively restored’ with special attention to retain the main buildings key features and signature terraced profile.
The joint venture partners are also looking at transforming the property into a new mixed-use, integrated development comprising office, retail, and residential components.
“Perennial is pleased to partner Sino Land and Far East Organization to embark on this transformative project which will augment the ongoing rejuvenation of Beach Road and the Ophir-Rochor Corridor,” says Pua Seck Guan, CEO of Perennial Holdings. “As the owner of renowned historic landmarks in Singapore, all of which comprise gazetted conservation buildings or National Monuments, we are excited to add another distinctive property to our real estate portfolio.”
In Singapore, Perennial’s real estate portfolio includes landmark developments such as CHIJMES and Capitol Singapore. Meanwhile, Sino Land has experience working on conservation projects in Singapore such as the restoration of The Fullerton Hotel in 2001 and Clifford Pier and The Fullerton Bay Hotel in 2008 and 2010. Far East Organization’s recent work involving conservation project is The Barracks Hotel in Sentosa in 2019.
"As one of Singapore's pioneer developers with numerous award-winning urban conservation projects, Far East Organization is pleased to be part of the vision in rejuvenating one of Singapore's most iconic landmarks," says Marc Boey, executive director for property services division of Far East Organization. "We look forward to partnering with Perennial in our first joint venture project to shape and transform this important heritage asset into a new focal point for the area."
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