Asian property groups Sino Land and Far East Organisation have joined Perennial Holdings to purchase a high-rise mixed-use complex in Singapore for S$700m (€468m).

Under the agreement, HKG-listed Sino Land and Far East Organisation will each own 25% of Golden Mile Complex. Perennial will own the remaining half.

The joint venture’s acquisition of Golden Mile Complex on Beach Road in downtown Singapore is the first collective sale of a large-scale strata-titled conserved building in Singapore.

Pua Seck Guan, Perennial’s chief executive officer, said his company and its partners were embarking on what he called “this transformative project to augment the ongoing rejuvenation of Beach Road and the Ophir-Rochor Corridor”.

Marc Boey, executive director for the property services division of Far East Organisation, said: “Harnessing the combined strengths of this partnership, we will continue to build on the landmark’s rich history and memory.”

The joint venture partners said they would also explore the transformation of the Golden Mile Complex into a mixed-use integrated development comprising office, retail and residential components.

To read the latest edition of the latest IPE Real Assets magazine click here.

Topics