Golden Mile Complex sold for $700m to Perennial, Sino Land, Far East Org JV
Perennial Holdings, Sino Land, and Far East Organization formed a joint venture to purchase the historic Golden Mile Complex for $700 million. This is the first time all three developers are working on a project together.
The three companies said in a joint press release on May 6 that they had exercised the option of a collective sale under a private treaty deal. Perennial Holdings owns a 50% stake in the joint venture, with Sino Land and Far East Organization each owning a 25% stake.
Edmund Tie, the exclusive marketing agency for the collective sale, arranged the arrangement. “Undoubtedly, the result is only possible with the strong support of the 718-unit development’s owners, who have given the required 80 percent approval in both Strata Area and Share Value within 15 days,” says Swee Shou Fern, Edmund Tie’s head of investment advisory.
The collective sale is still pending the completion of agreements between the joint venture partners and the Golden Mile Complex’s owners, but if completed, it will be Singapore’s first large-scale strata-titled conserved building collective sale. One other mixed development in the coming months is Lentor Modern.
The existing building has been gazetted for conservation, and the developers say it will be sensitively restored,’ with special attention paid to preserving the main building’s fundamental elements and trademark terraced profile. The joint venture partners also want to turn the property into a new mixed-use, integrated project with office, retail, and residential components.
Perennial’s real estate portfolio in Singapore includes notable projects including CHIJMES and Capitol Singapore. Sino Land has already worked on conservation projects in Singapore, including the restoration of The Fullerton Hotel in 2001, as well as Clifford Pier and The Fullerton Bay Hotel in 2008 and 2010. In 2019, Far East Organization completed a conservation project at The Barracks Hotel in Sentosa.
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