Golden Mile Complex gets more than 80% of homeowners’ consent for en bloc sale at S$700m

SINGAPORE: The iconic Golden Mile Complex is a step nearer to being offered en bloc, with its collective sale committee receiving more than 80 per cent of homeowners’ consent for the sale at a proposal of S$700 million.

In a letter to homeowners seen by CNA on Wednesday (Apr 27), the event’s advertising and marketing agent Edmund Tie & Company stated it had obtained “overwhelming support” for the sale. The letter, dated Apr 23, was additionally confirmed by a unit proprietor.

The workforce stated they garnered more than 80 per cent of homeowners’ consent in phrases of each strata space and share worth — inside a “record time of 15 days”.

The letter didn’t title the customer, however earlier media experiences acknowledged {that a} consortium comprising Far East Organization and Perennial Holdings made a S$700m provide. The provide is decrease than the reserve value of S$800 million.

Lawyers will likely be conducting a verification of the signatures, which is able to take a couple of week to finish, the letter acknowledged.

“Under the conditional agreement, the collective sale committee has up till May 9, 2022 to exercise the option,” it added.

“Once the conditional agreement has been exercised, we will hold an Owners’ Meeting as soon as is practicable to share with you the indicative sale timeline and the steps forward.”

The workforce additionally stated it continues to “welcome the support of owners who have not signed the collective sale agreement but are now ready to sign the agreement”.

Built in 1973, the 16-storey Golden Mile Complex was gazetted as a conserved constructing in October final 12 months in gentle of its historic and architectural significance. 

With the transfer, builders should abide by conservation pointers, making its redevelopment trickier than for different buildings.

But the Urban Redevelopment Authority (URA) has dangled extra planning incentives for the event.

These embody a partial growth cost waiver on the bonus flooring space and a full waiver on the conserved flooring space. The developer may additionally renew the lease to a recent 99-year lease, topic to sure approvals, amongst different incentives.

The constructing’s final try to go en bloc was in 2019, to the tune of S$800m. It didn’t obtain any bids then.

Golden Mile Complex gets more than 80% of owners’ consent for en bloc sale at S$700m

Cheryl Lin

Source : channelnewsasia.com

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