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

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

    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.

  2. #2
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    Aug 2018
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    Default

    No mention of reserve price and psf per plot ratio

  3. #3
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    Quote Originally Posted by Chewbecca View Post
    No mention of reserve price and psf per plot ratio
    600 psf ppr

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