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Thread: Golden Mile, People's Park buildings join collective sale fever

  1. #1
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    Default Golden Mile, People's Park buildings join collective sale fever

    Golden Mile, People's Park buildings join collective sale fever

    Mar 8, 2018

    Three of the four structures are historically and architecturally significant, say experts

    Melody Zaccheus
    Heritage and Community Correspondent

    Janice Tai
    Social Affairs Correspondent


    The fate of People's Park Complex and People's Park Centre in Chinatown, as well as Golden Mile Complex and Golden Mile Tower in Beach Road, hangs in the balance with the collective sale fever sweeping the country.

    These structures are mostly half-way into their 99-year leases.

    A committee was formed for the collective sale of People's Park Complex on Monday at an extraordinary general meeting following "unanimous consensus".

    The Straits Times understands that People's Park Centre has also formed a collective sale committee and will be appointing a real estate firm soon. A committee spokesman said about half the owners attended the last meeting, and 90 per cent of them were in favour of the sale.

    Meanwhile, Golden Mile Complex, which has already formed its collective sale committee, held its last meeting on Feb 7. The agenda included appointing a valuer for existing units. Marketing agent Edmund Tie and Company is managing its collective sale bid.

    The neighbouring Golden Mile Tower, designed by architect Goh Hock Guan and his team, is also in the process of forming a collective sale committee, and is due to hold an extraordinary general meeting today.

    Of the four, People's Park Complex, Golden Mile Complex and Golden Mile Tower are widely recognised by experts as architecturally and historically significant. The trio were inspired by the Brutalist architecture movement which features monumental structures with an appearance of strength and solidity.

    They also represent a chapter in Singapore's post-independence architectural history and were completed as part of the Government's Land Sales Programme beginning in 1967. Mr Randy Chan, principal of architecture firm Zarch Collaboratives, said: "We were building mega structures like these fresh out of independence."

    The moves follow news last month that Pearl Bank Apartments near Outram Park MRT station had been sold to CapitaLand in a $728 million collective sale. Launched in 1976, it will likely be torn down.

    Unit owners at People's Park Complex told ST that they are eager to sell the property "if the price is right". The owner of Golden Watch Gold and Jewellery, who wanted to be known only as Mr Kea, 75, said: "Just like an ageing person, an old building will have its issues. As long as the selling price is reasonable, it can move undecided owners."

    However, second-generation co-owner of Hang Lung Jewellery, Mr Henry Ho, 47, said his family is not interested in selling their shop. He noted that business is thriving on the ground level, which might mean that owners like him would be reluctant to give up the space.

    The firm behind People's Park Complex, which was completed in 1973, was Design Partnership, or DP Architects. The team comprised pioneer architects William Lim, Koh Seow Chuan and Tay Kheng Soon.

    Occupying 1ha, it was once the largest shopping complex in Singapore. It also featured the country's first atrium shopping centre for users to socialise, eat and shop.

    This design was widely replicated in later local and regional retail developments. Dr Yeo Kang Shua, an architectural historian and conservator, noted that People's Park "conceptually contributed to the development of architecture, hence its place in history".

    DP Architects also designed Golden Mile Complex. The team comprised Mr Lim, Mr Tay and Mr Gan Eng Oon. Mr Tay, 77, noted that it could be a challenge to sell both complexes en bloc as they are mixed-use developments with stakeholders who have varied interests.

    Owners of ageing properties generally try to sell their units before leases are further shortened. Some said they fear having to pay for additional maintenance costs. But experts have called for a relook at how post-independence structures can be conserved practically while incentivising developers.

    Mr Nicholas Mak, executive director of property consultancy SLP International, said that given the large land parcels in question, the developer which buys it is likely to be a major one with "deep pockets".

    Mr Mak added: "The easiest way is to bulldoze the buildings and rebuild them."

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    Anyone knows reserve price and psf per plot ratio?

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    Golden Mile Complex gets more than 80 per cent votes from owners to launch en bloc sale

    Aug 11, 2018


    SINGAPORE - Golden Mile Complex, a familiar landmark with its eye-catching stepped terraced design, is going en bloc, but the news has been met with dismay from heritage and architectural experts.

    Some 724 owners of 550 units have signed the agreement. This makes up 80.83 per cent of the total share value and around 85 per cent of the total area of lots there. This meets the required approval of 80 per cent. The notice of the proposed en-bloc sale is dated Aug 3.

    The mixed-use development located between Nicoll Highway and Beach Road has a total of 718 units.

    Completed in 1973, the 16-storey property is 49 years into its lease. It has approximately 400 shops, 220 offices and almost 70 residential units, according to previous reports.

    It was designed by Gan Eng Oon, William Lim and Tay Kheng Soon of Design Partnership or DP Architects, which also designed People’s Park Complex.

    Speaking to The Straits Times, unit owner Alan Lim, 72, a consultant who has been working there for decades, said he is on the fence about the potential sale but will miss the complex if it is pulled down. He noted that it is patronised by both Singaporeans and Thais.

    He also wondered if there will be potential buyers for the property following the recent round of cooling measures.

    "The location is good but the market isn't that great right now. Older owners here want to retire and young speculators want the cash from the en-bloc sale," said Mr Lim.

    Edmund Tie & Company is the appointed marketing agent. The landmark's last attempted collective sale was in 2010.

    Some heritage and architectural experts told The Straits Times it would be a great loss.

    Heritage conservation expert Ho Weng Hin said: "It will be a tragedy and a great loss to Singapore if the en-bloc sale results in the demolition and redevelopment of such an important urban landmark with such high architectural and social significance."

    The architectural and heritage community urged the authorities to work with stakeholders to conserve the complex instead of demolishing it.

    Their suggestions include rehabilitation and adaption for re-use.

    Mr Ho said this is a more sustainable model that can be employed for urban redevelopment.

    "All we need is the will, courage and creativity to make this happen, in the same groundbreaking, innovative spirit in which these buildings were realised by Singaporean pioneers," he added.

    In March, The Straits Times reported that the complex was among four post-independence landmarks in Singapore that are at risk of disappearing from the Republic's landscape as the structures are mostly half-way into their 99-year leases.

    The others are People's Park Complex and People's Park Centre in Chinatown, as well as Golden Mile Tower in Beach Road.

    Of the four, People's Park Complex, Golden Mile Complex and Golden Mile Tower are widely recognised by experts as architecturally and historically significant.

    The trio were inspired by the Brutalist-architectural movement, which usually features monumental structures made of off-form concrete without being plastered over, for an appearance of "strength and solidity".

    Architectural and heritage experts believe they also represent a chapter in the island's post-independence architectural history.

    The three were completed as part of the Government's first Land Sales Programme beginning in 1967 which offered land parcels for sale with a 99-year leasehold.

    A series of talks and forums to raise awareness about the importance of these heritage landmarks is being rolled out.

    This includes an exhibition and book by landscape and architecture photographer Darren Soh and an upcoming series of programmes called En Bloc, or Buildings Must Die. Organised by the Singapore Heritage Society and Sub After Dark, it frames conservation as part of a larger, complex conversation about heritage.

    Both programmes will be launched on Aug 21.

    ZACD Group executive director Nicholas Mak said the level of interest from developers depends on the asking price.

    "If it is sold , it will be the end of a landmark," he said.

    Another landmark, the striking horseshoe-shaped Pearl Bank Apartments near Outram Park MRT station, was sold to CapitaLand in a collective sale for $728 million in February.

    Mr Mak noted that Golden Mile Complex houses a thriving Thai community. The building became known as "Little Thailand" in the 1980s because of Thai nationals working in construction in Singapore liked to gather there.

    "It's where Thai food and beverage outlets and retail shops grew organically. It will be a loss," Mr Mak added.

    Singaporeans still go to the complex because of the bus companies which offer transport services to Malaysia.

  4. #4
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    Quote Originally Posted by Chewbecca View Post
    Anyone knows reserve price and psf per plot ratio?
    Relax, you will know after they sell.

    I can't wait for them to sell.

    Got the same feeling as I have in 2006.

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