Did you know that there’s a sibling to the Golden Mile Complex? Meet Golden Mile Tower. Much like its more famous counterpart, it houses retail outlets on the lower levels and offices on the upper floors. It’s also a mini-Thailand in Singapore, with Thai establishments and eateries, and it also doubles as a bus stop for coaches heading to Malaysia. The only difference?
It’s not as popular.
So, when the news broke that Golden Mile Complex has shut its doors, people assumed that Golden Mile Tower had followed suit. Here’s the scoop.
Golden Mile Tower Sees Business Dip Following Golden Mile Complex Vacancy
According to Lianhe Zaobao, the departure of Golden Mile Complex in May this year has led to a more than 20% drop in business for the shops in Golden Mile Tower.
Golden Mile Complex was snapped up by Far East Organization and Perennial Real Estate Holdings in 2022 for $700 million. Since May 2023, all businesses had packed up and left, with most setting up shop in Aperia Mall, Golden Mile Tower (yes, they moved to the sibling instead), and the nearby City Gate.
But here’s the twist. Golden Mile Tower has been mistakenly thought to be vacated as well.
Business owners interviewed revealed that many customers were under the impression that Golden Mile Tower had also been emptied out. This led to even fewer people visiting the already less crowded building post-May.
An eatery that’s been in the mall for 45 years reported that footfall at Golden Mile Tower has dipped by about 20% since Golden Mile Complex was vacated in May. The owner shared, “We receive several calls every day. Both old and new customers think that we have moved, and even now they are still asking us where we have relocated to.”
Siam Square Mookata, a popular Thai barbecue hot pot restaurant in Golden Mile Tower, echoed a similar sentiment. An employee lamented that she had never seen the restaurant so deserted. “On weekends, the queue outside the store used to wrap around the entire lower level of the shopping centre, but now there is no queue in sight.”
Businesses in Golden Mile Tower confirmed that indeed many businesses from Golden Mile Complex had moved in, and the tower was nearly fully occupied. However, due to a lack of publicity, the crowds were sparse, resulting in a “full of shops, but not of people” situation.
Built in 1974, Golden Mile Tower tried its hand at a collective sale for the first time in November last year, but it didn’t pan out. A tender in January this year also went unanswered, and it has now entered into the stage of private agreement.
Business owners interviewed mentioned that merchants who intend to continue operating have started to scout for new locations, given the uncertain future of the mall.
However, the merchants heard that the indicative price for the collective sale is getting lower each time. Coupled with the gradually declining crowds, they are unsure how long it will take to successfully sell the building, similar to what happened with Golden Mile Complex.
80% of Golden Mile Complex owners actually signed an agreement agreeing to sell the complex in an en-block sale since 2018, and the sale only took place four years later.