PUBLISHED 12th AUG 2018
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 aging properties generally try to sell their units before leases are further shortened. A few 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. These issues could easily be rectified by calling in the professionals like a pest control macon service, plumber, etc. but this goes to show how they did not care enough about their properties to get them sorted.
Owners of Golden Mile Complex are happy to unblock at their “right price”. However, some shop sellers 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.
The majority of the owners of Golden Mile Complex are aged and looking to retired and profit from the enbloc sales.
Source: https://www.straitstimes.com/singapore/golden-mile-complex-poised-for-collective-sale
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