Cinema space at Golden Mile Tower up for sale for S$31 million
Carnival Cinemas, which screens Bollywood and regional films, currently occupies part of the premises, according to its social media pages.
The property has a strata area of about 104,991 sq ft spread across multiple levels, according to exclusive marketing agent CBRE. (Photo: CBRE)
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SINGAPORE: A strata-titled cinema space at Golden Mile Tower has been put up for sale for S$31 million (US$24 million), real estate services firm CBRE said on Monday (Jun 29).
The space at 6001 Beach Road #03-00 spans about 104,991 sq ft across multiple levels. It includes four auditoriums with a total seating capacity of up to 2,000 people, as well as office space on the third and fourth floors of Golden Mile Tower.
Carnival Cinemas, which screens Bollywood and regional films, currently occupies part of the premises, according to its social media pages.
The guide price of S$31 million translates to about S$295 per sq ft based on the strata area.
“There is potential to reconfigure the premises into a single large auditorium with a seating capacity of close to 2,000, or to partially convert the space into alternative uses such as an event venue, media production studio, or gym,” said director of capital markets at CBRE Joshua Giam.
Mr Giam, whose firm is the exclusive marketing agent for the space, added that it “offers a high degree of versatility”, with “strong interest” expected from both end-users and investors.
Foreigners and corporate entities are eligible to purchase the commercial property, and the transaction will not be subject to additional buyer’s stamp duty (ABSD).
There are currently two cinema operators at Golden Mile Tower: Indie cinema Filmhouse and Carnival Cinemas.
Earlier this year, Filmhouse, which operates on the fifth floor, took over the three-screen space that was formerly occupied by The Projector.
The Projector suddenly ceased operations in August last year, just weeks after announcing it would resume screenings at Golden Mile Tower.
The independent cinema operator said it would go into voluntary liquidation, citing rising costs among the reasons for its closure. Pocket Cinema, the company behind it, owed more than S$1.2 million to creditors.
The sale of the cinema space will be conducted via an expression of interest exercise and closes on Aug 4 at 3pm.
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Source: CNA/rk(sn)
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