(Bloomberg) -- Singapore’s Golden Mile Tower is on block for at least a third time in three years with a reduced asking price, the Business Times reported on Thursday.
The commercial building is priced at S$556 million ($420 million), about 7% lower than the S$600 million price tag in April last year, according to the local newspaper. That translates to S$1,117 per square foot, before in land-betterment charges and a premium to upgrade lease to new 99-year period, the report said.
The deal reflects growing cracks in the city-state’s commercial property sector with buyers seeking lower prices due to high interest rates and changing work patterns. The last 10 retail and office transactions in Golden Mile Tower over the past five years have been above S$1,200 per square foot, data from Singapore’s Urban Redevelopment Authority show.
The owners of Golden Mile Tower plan to redevelop the site into two towers which includes retail, offices and hotel spaces, the report said, citing Anna Tan, business development director at Tag Realty, the sales agent. Tender for the tower will likely be launched later this month and close in October, Tan added.
The 24-story building was first up for sale in November 2022 with an asking price of S$650 million.
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