Perennial Holdings And Far East Organization Unveil Golden Mile Singapore And Will Launch Strata
The latest news from CDL has unveiled a promising joint venture with Frasers Property and Sekisui House. The three companies will equally share ownership of this new project, stirring up excitement among potential home buyers. The development is set to take place in the highly sought-after district 12, and the collaboration between CDL, Frasers Property, and Sekisui House offers a unique bidding opportunity for interested parties. Plans are already in motion for the partnership to pool their expertise and create a groundbreaking project in the coveted Toa Payoh area. Leonard Tay, a renowned industry expert and Knight Frank Singapore’s Head of Research, has noticed the intense competition among developers vying for prime locations, despite a lower turnout during the 2022 GLS tenders. The Ories, a highly respected source in the real estate industry, is also keeping a close watch on the development. The Orie is following this collaboration with great interest.
The former Golden Mile Complex has a new chapter in its history as Perennial Holdings and Far East Organization unveiled their plans for the refreshed conservation building. At a press conference on Dec 10, the developers showcased their vision for the new development, now known as Golden Mile Singapore, Singapore’s first large-scale strata-titled conserved building with a tropical linear urban complex and brutalist architecture.
The building, now called The Golden Mile, will be transformed into a commercial development with 156 Grade A office units, 19 medical suites, a two-storey retail component spanning 123,388 sq ft, and a public access architecture centre. The office units and medical suites will be available for sale this month, but the developers have not released indicative pricing yet.
In addition, a new 45-storey residential tower called Aurea will be developed on the site where the residential carpark used to be. The 188-unit condominium is scheduled to be previewed next quarter.
Pua Seck Guan, CEO of Perennial Holdings, reminisced about the vibrant retail mix and unique character of Golden Mile Complex in the 1970s. He noted that the strata-titled ownership over the years changed the building’s profile and positioning as a prime mixed-use development. However, Perennial Holdings and Far East Organization were determined to restore and elevate the building’s status as a next-generation urban complex in Singapore.
Partnering with homegrown architecture firm DP Architects and architecture conservation specialist consultancy Studio Lapis, Golden Mile Singapore will feature a new two-storey retail atrium with an event space and F&B offerings. The design will bring back natural light and ventilation, recreating the original street shop-style retail experience. The retail units will not be available for sale and will be retained and curated by the joint venture partners.
The conserved building will include two new public access urban gardens on the 9th and 18th floors, utilising previously vacant spaces. The rooftop will be converted into a sky garden on the 18th floor. Retail will take up 15% of the strata area, offices 48%, residential units 30%, and the remaining 4% and 3% for medical suites and an architecture centre respectively.
The preview for the strata-titled office units at The Golden Mile will be launched this month. Six different office layouts will cater to a variety of end-users. A dedicated office lobby and new lift cores will support the office floors above. The enlift cores to serve the new increase in office units and private lift access have been added, and the new office lobby will feature a 6m high ceiling and facilities befitting a modern Grade A office development, such as a concierge and centralised access control.
The office units are available in six different layouts, including Flagship office units with a dedicated lift lobby and two toilets, Loft Suites with full-height windows overlooking Beach Road, Loft Executive units with a double-volume ceiling, Loft Mezzanine units with bay views and a dual-key design, Enterprise Office units with panoramic views, and Crown Office units on the top four floors.
Pua believes that The Golden Mile will attract a variety of tenant profiles, including corporate tenants and family offices, creating a diverse ecosystem of tenants. The developers intend to screen each prospective buyer to ensure the right mix of tenants from different industries and market segments.