SINGAPORE (EDGEPROP) – A consortium led by Far East Organizaton and Perennial Holdings has made a $700 million offer for Golden Mile Complex, located on Beach Road.

The strata-titled, mixed-use development, which is gazetted for conservation, was put up for collective sale last year at a reserve price of $800 million. The tender closed at the end of February, with the building’s collective sale committee (CSC) subsequently entering into private treaty negotiations. (See also: Golden Mile Complex: Test case for collective sale and conservation)

Prior to this, the development had been put up for collective sale in 2019, also at a reserve price of $800 million.

The offer from Far East Organization and Perennial Holdings will be subject to consent by 80% of the owners of Golden Mile Complex.

Golden Mile Complex has a total of 411 strata-titled shops, 226 offices and 68 residential units, with 99-year leases dating back from 1969. The property currently sits on a land area of 1.3 ha and is zoned for commercial use under the URA Master Plan 2014. The development has dual frontage along Beach Road and Nicoll Highway.

The 16-storey development was completed in 1973 and was built on one of the earliest government sale (GLS) sites on the newly reclaimed Beach Road, coined as the “Golden Mile”.