The four iconic buildings that lived through the golden times of Singapore, are up for a collective sale for redevelopment.
Due to the limitation of the 99-year lease, People’s Park Complex and People’s Park Centre in Chinatown, as well as Golden Mile Complex and Golden Mile Tower at Beach Road, are planning a collective sale for the ultra-high network companies.
The committee formed for the decision of the land sale was followed by “unanimous consensus” towards the en bloc.
A spokesman for the organization said that half of the owners attended the last meeting, amongst them, 90 percent were in favour of the sale.
The sentiment among the parties was split down the middle. A jewellery shop owner who only want to be known as Mr Kea, 75, commented: “Just like an aging person, an old building will have its issues. As long as the selling price is reasonable, it can move undecided owners.”
He mentioned that the sentiments among the owners were split down in the middle, one side for while the other against the en bloc.
The estates were all of significant value. Out of the four, People’s Park Complex, Golden Mile Complex, and Golden Mile Tower are widely recognized by experts as architecturally and historically significant.
The building houses a variety of shops and offices, as well as a 25-storey residential block.
With the land mass of one hector, People Park’s Complex was once the largest shopping centre of any kind in Singapore. Locals gather here to socialize, eat and shop, it was the heartland.
Owner of a two units lot bought it for $300,000 in 1978, he hopes to sell it for $1 million and go into retirement.
As properties age, their value goes down. Owners will tend to sell them before their leases are further shortened.
These structures are often faced with malfunctioning facilities, such as chocked toilet and broken lifts.
Property dealers are saying the people who are likely buyers will be those with “deep pockets” such as the Far East Organization, or a consortium of large and medium-sized developers.
The estates are likely to be bulldozed and rebuilt into other buildings that can stimulate the economy.