Perennial Holdings and Far East Organization have recently announced the much-anticipated unveiling of the next chapter in the history of the former Golden Mile Complex. During a press conference on Dec 10, the development partners showcased their vision for the refreshed conservation building and revealed the preview of its strata-titled commercial units.
Together, this entire development will be known as Golden Mile Singapore and will be the first large-scale strata-titled conserved building in Singapore. The building will maintain its iconic identity as a tropical linear urban complex with its brutalist architecture.
Previously known as the Golden Mile Complex, the conserved building is now renamed The Golden Mile. It will be repositioned as a commercial development, featuring 156 Grade A office units, 19 medical suites, a two-storey retail component spanning 123,388 sq ft, and a public access architecture centre.
According to Perennial and Far East, the office units and medical suites will be available for sale this month, but no indicative pricing has been released yet. In addition, a new 45-storey residential tower called Aurea is being developed on the site where the residential carpark used to be. This 188-unit condominium is set to be previewed in the next quarter.
Pua Seck Guan, CEO of Perennial Holdings, reminisces on the vibrant and eclectic retail mix that made Golden Mile Complex a landmark mixed-use development in the 1970s. However, as ownership of the strata-titled units changed hands over the years, the building’s prime mixed-use positioning eroded. Pua adds that Perennial Holdings and Far East Organization are committed to restoring and elevating 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, Perennial and Far East have developed a new vision for Golden Mile Singapore. DP Architects, previously known as Design Partnership, was the architecture firm responsible for the iconic design and mixed-use concept of the original Golden Mile Complex.
The former Golden Mile Complex had about 40% of its strata area designated for retail, with 41% for office units and the remaining 19% for residential use. The refreshed Golden Mile Singapore, which includes Aurea, will reallocate retail space to 15% of the strata area, with 48% for offices, and 30% for residential use. The new medical suites and architecture centre will take up the remaining 4% and 3%, respectively. This architecture centre, established under the government’s Community/Sport Facilities Scheme, will be situated in a 24,994 sq ft area given back to URA by the joint venture partners.
In addition, two new public access urban gardens will be created on the 9th and 18th floors, making use of previously vacant spaces. The building’s rooftop will also be converted into a sky garden on the 18th floor, accessible to the public.
Golden Mile Singapore will also feature a revamped two-storey retail atrium with a new event space and F&B options. The design of the new retail atrium will bring back natural light and ventilation, creating a shopping experience that is similar to the building’s original concept. Pua says, “We hope to recreate the street shop-style retail experience that emulates the original shopping experience when Golden Mile Complex first opened.”
These retail units will not be up for sale and will be retained and curated by the joint venture partners. Pua explains, “Retail is not a major component at The Golden Mile relative to the proportion of office and residential units, plus this locale is not known as a major retail hub in Singapore. I believe the retail units will serve to augment and complement the offices and residential units.”
This month, Perennial and Far East will launch the preview of the strata-titled office units at The Golden Mile. Six different office layouts have been created to cater to a wide variety of end-users. These office suites will have a dedicated office lobby, and new lift cores to support the office floors above. The original Golden Mile Complex had two lift cores, but to accommodate the increase in office units and private lift access, new lift shafts and cores have been added. The new office lobby will also feature a 6m high ceiling and facilities expected of a modern Grade A office development, such as a concierge and centralised access control.
Flagship office units on the 4th to 7th floors will enjoy a dedicated lift lobby with direct access to the basement carpark and retail floors. Each unit will come with two toilets, and sizes range from 1,378 sq ft to 4,682 sq ft. The Loft Suites on the 4th floor and Loft Executive units on the 5th floor will have full-height windows that offer landscape views of Beach Road. Sizes for these units range from 958 sq ft to 2,034 sq ft for the Loft Suites, and 710 sq ft to 926 sq ft for the Loft Executive units.
The Loft Mezzanine units on the 6th to 15th floors are located in the stacked terrace section of the building and will enjoy bay views, double-volume ceilings, and balconies that provide natural ventilation and lighting. These units also feature a dual-key design, typically found in private residential projects. The Golden Mile is the first strata-titled commercial development to incorporate a dual-key layout for its office units. Units range from 1,528 sq ft to 2,799 sq ft, and each Loft Mezzanine unit comprises two former residential units with a portion of the ceiling removed to form a single office unit with a double-volume ceiling of about 5.4m. The upper office space can be accessed through a staircase, with its own entrance or from the lower floor.
The 16th and 17th floors will house the Enterprise Office units, previously the duplex penthouse units, which offer panoramic views of the city and the bay. Each unit comes with two toilets, and sizes range from 1,851 sq ft to 3,122 sq ft. Finally, the newly built Crown Office units will take up the top four floors, with four units per floor except for the penthouse level, which will feature two office units. These units have sizes ranging from 3,315 sq ft to 5,393 sq ft.
“We believe our office units, especially the Loft Mezzanine units, will appeal to family offices, and we hope to attract those who have established their businesses in Singapore in recent years,” says Pua. He adds that the other office layouts will cater to various corporate tenants as well.
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Investing in a Singapore Condo requires careful consideration, including the government’s property cooling measures. In an effort to maintain a stable real estate market and discourage speculative buying, the Singaporean government has implemented various measures over the years. One of these measures is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those purchasing multiple properties. While these measures may impact the short-term profitability of condo investments, they also contribute to the long-term stability of the market, making it a safer environment for investment. It’s important for potential condo investors to carefully assess these cooling measures before making a decision.
Once completed, The Golden Mile will have a diverse mix of tenants, including corporate tenants and family offices, says Pua. “We intend to screen each prospective buyer for their suitability, creating an ecosystem of tenants from different industries and market segments,” he adds.