On December 10th, Perennial Holdings and Far East Organization held a press conference to reveal their plans for the future of the former Golden Mile Complex. The development partners presented their vision for the updated conservation building and announced the preview of the commercial units available for purchase.
Dubbed as Golden Mile Singapore, the entire development will be Singapore’s first large-scale strata-titled conserved building that retains its iconic identity as a tropical linear urban complex with brutalist architecture. Rebranded as The Golden Mile, the conserved building will now function 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.
The Golden Mile Singapore will be available for sale this month, however, the pricing for the medical suites and office units has not been released yet. In addition to the existing building, a new 45-storey residential tower called Aurea will also be developed on the former residential carpark area. The 188-unit condominium is expected to be previewed in the next quarter.
CEO of Perennial Holdings, Pua Seck Guan, reminisced about the lively and diverse retail mix that defined the peak of Golden Mile Complex in the 1970s. However, over time, the strata-titled ownership changed the profile of the development, leading to a decline in its status as a prime mixed-use development. Pua stated that Perennial Holdings and Far East Organization are determined to revive and elevate the building’s status as a next-generation urban complex in Singapore.
The joint venture partners have enlisted the services of homegrown architecture firm DP Architects and architecture conservation specialist consultancy Studio Lapis to bring their vision for Golden Mile Singapore to life. DP Architects, formerly known as Design Partnership, was the firm behind the iconic design and mixed-use concept of Golden Mile Complex.
Previously, the retail space occupied 40% of the strata area at Golden Mile Complex, with 41% dedicated to office units and the remaining 19% for residential use. Under the revamped Golden Mile Singapore, retail space will make up 15% of the strata area, office units will occupy 48%, and 30% will be allocated for residential use. The remaining 4% and 3% will be designated for the medical suites and architecture centre respectively. In addition, 24,994 sq ft has been given back to URA for the establishment of the architecture centre, which will be developed under the government’s Community/Sport’s Facilities Scheme.
Location is a critical consideration when it comes to investing in real estate, particularly in Singapore. Condominiums located in central districts or near important facilities such as schools, shopping centers, and public transportation hubs tend to experience a higher increase in value. Prime locations like Orchard Road, Marina Bay, and the Central Business District (CBD) have consistently shown a positive trend in property values. Additionally, having access to reputable schools and educational institutions in these areas adds to the appeal of condos, making them a highly sought-after investment opportunity for families. With their strategic location and strong potential for growth, condos in these areas are a smart choice for real estate investors in Singapore.
As part of the redevelopment, two new public access urban gardens will be created on the 9th and 18th floors. These will make use of previously vacant spaces, including the rooftop, which will be converted into a sky garden on the 18th floor. The reimagined Golden Mile Singapore will also feature a revamped two-storey retail atrium with an event space and F&B options. The new design will allow for natural light and ventilation, recreating the original shopping experience of Golden Mile Complex.
The retail units will not be available for sale and will be curated by the joint venture partners. According to Pua, retail is not a major component of The Golden Mile, but will serve to complement the office and residential units. This month, Perennial and Far East will launch the preview of the strata-titled office units at The Golden Mile.
The office suites will have a dedicated office lobby, and new lift cores have been added since the original Golden Mile Complex featured only two end lift cores. The new office lobby will feature a 6m high ceiling and modern facilities such as a concierge and centralised access control.
There are six different office layouts to cater to various end-users. The Flagship office units on the 4th to 7th floors will have direct access to the basement carpark and retail floors through a dedicated lift lobby. Each Flagship office unit will also feature two toilets and range from 1,378 sq ft to 4,682 sq ft.
Loft Suites on the 4th floor and Loft Executive units on the 5th floor will have full-height windows offering views of Beach Road. The former range from 958 sq ft to 2,034 sq ft while the latter ranges from 710 sq ft to 926 sq ft.
The Loft Mezzanine units on the 6th to 15th floors will feature double-volume ceilings and balconies for natural ventilation and lighting. These units also have a dual-key design and range from 1,528 sq ft to 2,799 sq ft. These units are the first of their kind, designed to appeal to family offices that have established themselves in Singapore in recent years.
The top two floors will comprise the Enterprise Office units, which were previously duplex penthouse units and will offer panoramic views of the city and the bay. These units also come with two toilets each and range from 1,851 sq ft to 3,122 sq ft.
The newly built Crown Office units will occupy the top four floors, with four units per floor except for the penthouse floor with two units. These units are the largest, ranging from 3,315 sq ft to 5,393 sq ft.
According to Pua, the office units, especially the Loft Mezzanine units, are expected to appeal to family offices, while the other layouts will cater to corporate tenants. The Golden Mile Singapore is expected to have a diverse mix of tenants, with a screening process in place to create an ecosystem of tenants from different industries and market segments.