Far East Organization and Sino Land—both controlled by billionaire brothers Robert and Philip Ng—have partnered with Perennial Holdings to buy the iconic Golden Mile Complex on the edge of the Singapore central business district for S$700 million ($504 million), adding to signs of robust demand for older properties earmarked for redevelopment in the financial hub.
The consortium is buying the 1973-vintage property—known as Singapore’s Little Thailand as its the favorite hangout of Thai nationals living in the city—through a collective sale managed by sole marketing agent Edmund Tie. The transaction, if approved by regulators, will mark the first collective sale of a large-scale strata-titled conserved building in the Lion City, the partners said in a joint statement late Friday.
“We look forward to partnering with Perennial in our first joint venture project to shape and transform this important heritage asset into a new focal point for the area,” Marc Boey, executive director for property services division at Far East Organization, said in a statement. “Harnessing the combined strengths of this partnership, we will continue to build on the landmark’s rich history and memory, imbuing the city with character and identity.”
With the 718-unit Golden Mile Complex gazetted for conservation by the government, the consortium said, “the existing building will be sensitively restored, and special attention will be paid to retaining the main building’s key features and its signature terrace profile.”
The partners aim to transform the commercial property into a mixed-use integrated office, retail and residential development. The Golden Mile Complex is strategically located along Beach Road and Nicoll Highway, providing panoramic views of the city and the Singapore shoreline and easy access to the Singapore CBD and Marina Bay financial district.
“As the owner of renowned historic landmarks in Singapore, all of which comprise gazetted conservational buildings or national monuments, we are excited to another distinctive property to our real estate portfolio,” Perennial CEO Pua Seck Guan said in the statement. “With our strong track record in conservation projects and large-scale mixed-use developments, coupled with the proven expertise of our reputable joint venture partners, we are well-positioned to bring a new lease of life to one of Singapore’s most iconic architectural gems.”
Perennial—which counts palm oil billionaire Kuok Khoon Hong and tycoon Ron Sim, founder of massager chair maker Osim—owns and operates several historic landmarks across the city-state. In 2010, the company completed the developed of Capitol Singapore, which houses three restored colonial era buildings near City Hall that it has developed into a mixed-use hotel, retail and residential complex.
Hong Kong-listed Sino Land developed the Fullerton heritage precinct which includes the Fullerton Hotel and the Fullerton Bay Hotel at Clifford Pier in the Raffles Place CBD, while privately held Far East Organization built The Barracks Hotel (once part of the British artillery barracks) on Sentosa Island.