Perennial Holdings and Far East Organization have unveiled their plans for the revitalization of the former Golden Mile Complex. Now known as Golden Mile Singapore, the development will be Singapore’s first large-scale strata-titled conserved building, preserving its iconic tropical linear urban complex with brutalist architecture. The conserved building has been renamed The Golden Mile and will be repositioned into a commercial development with 156 Grade A office units, 19 medical suites, a two-storey retail component, and a public access architecture center.
The joint venture partners have partnered with DP Architects and Studio Lapis to bring their vision to life. The development will also include a 45-storey residential tower named Aurea, with 188 luxury units. Pua Seck Guan, CEO of Perennial Holdings, is excited about the opportunity to revive the vibrant and eclectic retail mix that characterized the heyday of Golden Mile Complex in the 1970s. He believes this revitalization will elevate the building’s status as a next-generation urban complex in Singapore.
The new design will see retail taking up 15% of the strata area, offices occupying 48%, and residential use taking up 30%. The remaining 4% will be allocated for medical suites and 3% for the architecture center. Two public access urban gardens will also be created on the 9th and 18th floors, utilizing previously vacant spaces within the complex. The retail atrium will be revamped with natural light and ventilation, bringing back the original shopping experience. These retail units will be curated by the joint venture partners and will not be available for sale.
The preview of the strata-titled office units will be launched this month, with six different layouts to cater to a wide variety of end-users. The office suites will have a dedicated lobby and new lift cores to support the increase in office units. The new office lobby will feature a 6-meter high ceiling, a concierge, and centralized access control. The Flagship office units on the 4th – 7th floors will have a dedicated lift lobby with direct access to the basement carpark and retail floors. The Loft Suites and Loft Executive units will have full-height windows to enjoy landscape views overlooking Beach Road. The Loft Mezzanine units will feature a dual-key layout, and the Enterprise Office units will offer panoramic city and bay views. The newly built Crown Office units on the top four floors will have four units per floor, spanning 3,315 sq ft to 5,393 sq ft.
When considering investing in condos in Singapore, one must also take into account the government’s property cooling measures. In an effort to maintain a stable real estate market and discourage speculative purchases, the Singaporean government has implemented various measures over the years. These measures, such as the Additional Buyer’s Stamp Duty (ABSD), impose higher taxes on foreign buyers and those purchasing multiple properties. While these measures may affect the immediate profitability of condo investments, they ultimately contribute to the long-term stability of the market, creating a safer investment environment. For up-to-date information on the latest condo launches, visit New Condo Launches.
Pua believes that the office units, especially the Loft Mezzanine units, will appeal to family offices, with 2,500 having established themselves in Singapore in recent years. The mix of tenant profiles, from corporate tenants to family offices, will create a diverse and dynamic ecosystem. The joint venture partners intend to screen prospective buyers for their suitability to ensure a good mix of tenants from various industries and market segments. The preview of the strata-titled office units at The Golden Mile will launch this month.