SINGAPORE – The enduring Golden Mile Advanced at Seaside Highway, which was gazetted as a conserved constructing in October, is up for collective sale once more on the identical reserve worth of $800 million after its final try ended with no bids.
The 16-storey constructing with 718 strata-titled models has 47 years left on its lease. Its house owners final launched an en bloc sale in October 2018, however the two tenders in that first spherical closed with out patrons in July 2019.
The collective sale was reactivated instantly in August 2019, with the collective sale committee and advertising agent Edmund Tie persevering with to offer suggestions to the City Redevelopment Authority (URA) on the proposed conservation.
At $800 million and relying on the proposed use combine, the indicative land price will work out to about $1,350 per sq. foot per plot ratio together with differential premium and lease upgrading premium payable.
There isn’t any further purchaser’s stamp obligation payable for purchasing the location as Golden Mile Advanced is zoned for industrial use. There are additionally no restrictions on overseas possession.
Golden Mile Advanced was accomplished in 1973, and is the primary trendy, large-scale strata-titled growth conserved right here. Recognized for its Brutalist architectural type, signature constructing options embrace its step terrace, slanted beams, and “floating” staggered staircases.
The location could have a most potential gross ground space of 81,000 sq. metres. Moreover, a brand new 30-storey tower might be constructed beside the conserved constructing.
In return for builders’ abiding by the conservation tips, URA is providing further planning incentives. These embrace a one-third improve in ground space with full tax waiver for the conserved ground space, a partial tax waiver for brand new ground space, lease renewal for a contemporary 99 years, and the choice to regulate the boundary of the 1.3 ha web site.
“The motivation package deal is exclusive to Golden Mile Advanced, as its conservation is the primary of its type, one other pioneering endeavour,” Minister for Nationwide Growth Desmond Lee stated in October when he introduced that the constructing had been conserved.
“We hope that builders will take into account the potential of the location, alongside our imaginative and prescient to rejuvenate a nationwide icon,” the minister added.
Ms Swee Shou Fern, government director of funding advisory at Edmund Tie, stated: “Golden Mile Advanced is a nationwide icon that has formed the visible character of our constructed panorama. Its distinctive structure and worldwide iconic standing will provide great potential to remodel the property to a vibrant vacation spot integrating work, dwell, and play components.
“Apart from monetary incentives within the type of growth cost waivers, the (conservation incentives) package deal provides the builders flexibility within the use combine in addition to design flexibility by permitting reconfiguration of the location boundary,” she added.
The present tender may even embrace a constructing examine of Golden Mile Advanced, undertaken by URA, to information bidders in factoring in rehabilitation works of their analysis.
The tender for Golden Mile Advanced will shut on Feb 28, 2022, at 3 pm.