Reported in this morning Straits Times that this 16 storey, 411 shops, 226 offices & 68 residential complex with 99 years lease starting from 1969 is planning for collective sales/Reddevleopment.

This complex was once descibed in Parkiament as national disgrace or slum in the City Area

Oct 14, 2006
Golden Mile Complex planning collective sale
Success could spur other ageing malls to do the same, say property experts

By Property Correspondent, Joyce Teo

GOLDEN Mile Complex - once described in Parliament as a national disgrace - could soon be redeveloped into a spanking new building if collective sale plans work out.

Some owners of the 705-unit strata-titled mixed development are keen on launching such a sale.

Their success could motivate the owners of other ageing strata-titled malls to follow suit, consultants said.

Malls such as Lucky Plaza, Far East Plaza and People's Park Complex are seen as prime candidates for redevelopment as they sit on valuable land.

The difficulty, however, is getting at least 80 per cent of the hundreds of individual owners to agree to a sale.

The 16-storey Golden Mile Complex in Beach Road, for example, has 411 shops, 226 offices and 68 residential units. The building's 99-year lease started from 1969.

'Because there are so many units and different uses, the sale process will be a very complex and lengthy one,' property consultancy Colliers International's director for investment sales, Mr Ho Eng Joo, said.

'But if the sale goes through, it will be a record for a mixed development with the most number of owners.'

The shops in Golden Mile Complex - housing a mix of travel agencies, eateries and sundry shops selling Thai products - are estimated to be worth $360 per sq ft (psf) to $530 psf if the units are sold individually.

The offices on the fourth to the ninth floors are worth $250 psf to $270 psf, while the residential units on the 10th to the 16th floors are worth between $230 psf and $250 psf.

Developer City Developments owns some strata-titled units in the complex, which were part of an aborted $788 million sale to Suntec Real Estate Investment Trust last year.

This is not the first time the owners of Golden Mile Complex are considering selling en bloc.

Almost three years ago, some owners tried for a collective sale but found that property prices then were not attractive, said a source.

This time round, however, property prices may have risen enough to convince owners such as Mr N.P. Tan, who occupies a third-floor unit selling office supplies.

His decision on whether or not to sell will depend solely on the price he is offered, he said yesterday.

About 200 Golden Mile Complex owners met a property agent last night for preliminary discussions and appointed a sales committee to take charge of matters.

The agent is said to have estimated that a collective sale could reap the owners a 120 per cent premium over current market values.

However, for such a large mixed development, apportionment - or dividing the spoils - is usually a major headache, consultants said.

'It is comparatively easy to get a consensus on apportionment for residential and office uses, but it may not be so straightforward for other uses such as strata-titled carparks and particularly, shops,' said property consultancy Knight Frank executive director Foo Suan Peng.

A retail unit's value is affected more by location - whether it is facing the street or in a quiet corner - than residential units, for example.

Still, the potential windfall from a collective sale has proved to be a draw not just for Golden Mile Complex owners.

Owners of other malls such as Ming Arcade in Cuscaden Road and Upper Serangoon Shopping Centre are already working towards collective sales.

Mr Foo said that a successive sale of Golden Mile Complex will prove that too many cooks do not always spoil the broth.

'If it is sold, it will show other mall owners that where there is a will, there is a way,' he said.

joyceteo@sph.com.sg

NEW HOPES FOR OLD BUILDING

'Because there are so many units and different uses, the sale process will be a very complex and lengthy one.

But if the sale goes through, it will be a record for a mixed development with the most number of owners.'
MR HO, on issues in launching a sale for Golden Mile Complex. The 16-storey building in Beach Road has 411 shops, 226 offices and 68 residential units

Copyright © 2006 Singapore Press Holdings. All rights reserved

Oh my!!!!

Oh my!!!!

Is that good or bad?

It isn't visually pleasing and the recent repainting made it worse, but the concept and design is great.

Would miss it.

If it really gets redeveloped, the potential for something new on its site is quite exciting....but I must say a visit to the building leaves a strong impression

Uhoh... I like Golden Mile Complex... Can't they redevelop One George Street instead ?!? Erm, j/k, it's a nice building by the concept but I guess Singapore can do without it... It will be remembered in architecture books ;-)

NOOOOOOOOOOOOOOOO!!!!!!!!!!!!!!!!!!!!!!

We can't afford to loose yet another architectural landmark, be it a good or bad one, for another steel and glass drone. Sacrifice some HDB Blocks instead...

But seems like it's time for it go......:yes:

But seems like it's time for it go......:yes:


yeah. i agreed.
i think the next door golden mile center need to go too. i simply dun like the orange lorripopicle.

raffles city, do u have any photos showing the 2 together?

lets add in the Plaza Hotel and the plaza complex. its a little weird compared to the concourse...
another eye sore is the Parkview.

all in all, beach road seems to be road of shameful buildings..:toilet:

^^

redstone, please be merciful...

NOOOOOOOOOOOOOOOO!!!!!!!!!!!!!!!!!!!!!!

We can't afford to loose yet another architectural landmark, be it a good or bad one, for another steel and glass drone. Sacrifice some HDB Blocks instead...

Why? It is so dark and smelly in there..... at the thai shopping arcade. Not sure about the state of the apartments but really they are nothing exciting.

Maybe the replacement building can incorporate a partial sloped balcony design reminicient of the old Golden Mile Complex. Still OK with me.

It's good news :)

An old discussion thread about Golden Mile Complex (with pics) => http://www.skyscrapercity.com/showthread.php?t=281042

yeah. i agreed.
i think the next door golden mile center need to go too. i simply dun like the orange lorripopicle.

raffles city, do u have any photos showing the 2 together?

lets add in the Plaza Hotel and the plaza complex. its a little weird compared to the concourse...
another eye sore is the Parkview.

all in all, beach road seems to be road of shameful buildings..:toilet:

I dont think Plaza Hotel needs to go so badly....but that area could do with a revamp...Beach Rd can be quite impressive in its own right, with skyscrapers lined up along Nicoll Highway. Also, I think that area can support 40-floor apartments....wonder if the HDB flats there would get redeveloped

Anyway here is a pic (taken by hyacinthus)

http://img158.exs.cx/img158/6915/kallang1reduced7bz.jpg

Why? It is so dark and smelly in there..... at the thai shopping arcade. Not sure about the state of the apartments but really they are nothing exciting.

Maybe the replacement building can incorporate a partial sloped balcony design reminicient of the old Golden Mile Complex. Still OK with me.

The building really something to the architectural world back then, something that few of Singapore's buildings could achieve.

"This development was envisaged to be a new form of high-intensity urban development along Beach Road. Its intensive mixed-use typology drew inspiration from various architectural movements at that time, such as the 'Metabolism' from Japan, and the "vertical city" of Le Corbusier, and is one of the few such examples built in the world.

The building also effectively responds to its local climate and site. The stepped terrace design reduces the impact of noise from the road traffic, while the naturally ventilated atrium spaces bring light into the heart of the building."

from Singapore 1:1

some recent photos to share

http://img181.imageshack.us/img181/5222/gmctv1.jpg

http://img174.imageshack.us/img174/5846/gmc2vw0.jpg
yes yes i was too lazy to switch lens:doh:

It does look slightly better after its recent paintjob

It does look slightly better after its recent paintjob
It does look nice with that color scheme but the owners should explore ways to optimise the use of that prime waterfront land, especially now that the CCL Nicoll Highway MRT station is going to open nearby in a few years time.

Maybe they can consider conservation of the sloping balcony facade but add a higher-rise building behind it next to Beach Road?

maybe...but I suspect someone who wants to redevelop it won't bother to do so.....

For those who would cherish this historical landmark, here's a magnificient view of Golden Mile Complex set against the sunset (from clubsnap):

http://img.photobucket.com/albums/v407/kryogen/03092006%20-%20Waterfest%2006/GY4B1087.jpg

http://img.photobucket.com/albums/v407/kryogen/03092006%20-%20Waterfest%2006/GY4B1041.jpg

Oh, when I first saw it I hated it but now I know a little more about the history and context of this building it's significance has grown on me. Even though it's not a good looking building I don't really want to see it demolished. It's quite significane in architectural terms and it's an interesting piece of Singapore's history. Besides, from some angles it looks ok such as in Mr Asap's first pic above.

So when will Golden Miles Complex get redeveloped?

So when will Golden Miles Complex get redeveloped?

Soon. This piece of land have sea view, river view & lake view. Sure worth a lot of money if develop into private condo/shopping mall.

Will speed up the redevelopment if Thai Govt takes over Shin corp by force. We will retailate by demolish Golden Miles Complex so that all Thai working here have not place to go during weekends. :lol:

Will speed up the redevelopment if Thai Govt takes over Shin corp by force. We will retailate by demolish Golden Miles Complex so that all Thai working here have not place to go during weekends. :lol:
So bad...but I like the idea :nuts:

On a serious note, yes...enbloc talk is in the process now, according to a fren who owns a place thr.

If it goes enbloc, what might be built on it? What's the height limit?

If it goes enbloc, what might be built on it? What's the height limit?


Probably residential with retails components.
Potential developer might call it Thai @ 4, Waterfront @ Phuket, งบกลาโหม, ......

I love the design of Golden mile Complex. It really has a sense of living by the water. Very mediterenean feeling and great architecture. Hop the new design will encompassed the skeleton of the base and built something on top of it to extend its height.

I think they should do something to the grounds...it's rather shaky...

If you guys still remember the Nicholl highway collapsed two yrs ago due to the underground MRT, and there were cracks reported on those buildings around that area...it make sense to rebuild GoldenMiles anyway for safety precaution....in case an earthquate in Indonesia with it's epicentre closer to Singapore again may just risks it's safety....:ohno:

I'll miss the building.

If it goes enbloc, what might be built on it? What's the height limit?

Might be a lowrise. The stretch of waterfront could be planned for lowrise residential or hotel developments.

But with a new MRT station nearby...maybe not.