Golden Mile Complex, a familiar landmark with its eye-catching stepped terraced design, is going en bloc.
As 724 owners of 550 units have signed the collective sale agreement – representing 80.83 per cent of the total share value of the development – the required approval of 80 per cent has been met. The notice of the proposed collective sale was dated Aug 3.
The neighbouring Golden Mile Tower, designed by architect Goh Hock Guan and his team, is also in the process of forming a collective sale committee and is due to hold an extraordinary general meeting on Thursday (March 8).
Of the four, People’s Park Complex, Golden Mile Complex and Golden Mile Tower are widely recognised by experts as architecturally and historically significant.
The trio were inspired by the Brutalist-architectural movement. The style usually features monumental structures made of off-form concrete without being plastered over, for an appearance of “strength and solidity”.
They also represent a chapter in the island’s post-independence architectural history.
The three were completed as part of the Government’s first Land Sales Programme beginning in 1967 where land parcels were offered for sale with a leasehold of 99 years.
Owners of ageing properties generally try to sell their units before leases are further shortened. afew are afraid of having to pay for add on maintenance, renovation or restoration costs. These structures are usually beset with maintenance issues such as choked toilets, malfunctioning lifts and pest infestations.
Owners of Golden Mile Complex are happy to enbloc at their “right price”. However some shop seller of Golden Mile Complex noted that their business is thriving with heavy traffic as compared to rising high rental stalls at city area Orchard Road Malls.
Majority of the owners of Golden Mile Complex are aged and looking to retire and profit from the enbloc sales.