Golden Mile Complex: Far East Organization, Perennial Holdings has Made a SG$700 Million Collective Sale Offer

Together as a consortium, Far East Organization and Perennial Holdings have offered to purchase Golden Mile Complex, an iconic Singapore landmark that attained conservation status last year

The iconic Golden Mile Complex in Singapore might soon be entering a new chapter—the landmark has received an offer of purchase for SG$700 million. A consortium, which comprises real estate developer Far East Organization as well as real estate and healthcare company Perennial Holdings, has entered a conditional agreement with the collective sale committee (CSC) of Golden Mile Complex, according to a letter seen by The Straits Times.

A 16-storey hub that’s largely an ethnic enclave for the Thai population in Singapore with its concentration of Thai businesses, Golden Mile Complex is best known for its signature terraced facade that brings to mind a typewriter. Completed in 1973, the building currently houses shops, offices, and residences, and was one of the first strata-titled developments in Singapore to do so.

Don't miss: Why Golden Mile Complex and Other Modern Architecture in Singapore Are Worth Conserving

Above Built in the 1970s, Golden Mile Complex is known for its distinctive stepped profile (Photography: Benny Loh)

Designed by DP Architects, the property sits on a land area of around 1.3 hectares. Golden Mile Complex was gazetted as a conserved building in October 2021, making it the first notable large-scale and strata-titled development to be conserved in Singapore.

The conversation status of the brutalist-style building marks a milestone in the move to preserve modernist structures in Singapore. Besides supporting its architectural significance, the status represents a sustainable way forward—to rejuvenate existing modern buildings rather than demolish them and build anew.

While architects and design enthusiasts celebrate the building as an engineering and architectural marvel, the complex also had its fair share of detractors who cite how the building's poor maintenance and makeshift repairs have resulted in the rundown state of some amenities.

Read more: 5 Unexpected Modern Architecture Gems in Singapore

Above An archive photo of Golden Mile Complex (Image: Courtesy of DP Architects)

Developers had stayed away from the building due to the complications of preserving such a large-scale complex and the additional conservation regulations that will need to be complied with. To combat that, the Singapore government has announced a host of incentives to prospective buyers and developers.

The unprecedented incentives include a one-third increase in floor area as well as the adjustment of site boundaries with the option to build a new 30-storey tower beside the main building. Based on these recent measures, the Golden Complex site now has a maximum gross floor area of around 81,000 sq m.

Above One of the more well-known modern buildings in Singapore, Golden Mile Complex has a rich history (Photography: Benny Loh)

The SG$700 million offer is SG$100 million lower than its reserve price of SG$800 million, and the CSC is now working to convince the development’s respective owners to accept the deal as the offer is below both the building’s reserve price and an independent valuation of the property.

If the deal is accepted and finalised, Golden Mile Complex might once again enjoy its golden moment with a new and refreshed look.

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Golden Mile Complex Gets a SG$700 Million Collective Sale Offer