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 (β¬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 ventureβs 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, Perennialβs chief executive officer, said his company and its partners were embarking on what he called βthis transformative project to augment the ongoing rejuvenation of Beach Road and the Ophir-Rochor Corridorβ.
Marc Boey, executive director for the property services division of Far East Organisation, said: βHarnessing the combined strengths of this partnership, we will continue to build on the landmarkβs rich history and memory.β
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.
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