URA suggests voluntary conservation of Golden Mile Tower’s iconic cinema block
The approval for voluntary preservation of Golden Mile Tower is significant ever since the neighbouring Golden Mile Complex, now brought back as Golden Mile Singapore, was gazetted for preservation in 2021.
According to Anna Tan, business development administrator at Tag Realty (the marketing agent for the collective sale of Golden Mile Tower), the reserve rate of the 99-year leasehold project stays unchanged. This equates to a land rate of $1,350, which includes the price of restoring the land term however does not factor in land improvement costs.
“The rise of the building’s elevation control under the voluntary conservation possibilities opens chances for property developers to reimage the real estate with an impressive sky line presence. It additionally means that commercial and resort rooms in the brand-new project might include 5m floor-to-ceiling elevations, while residential units can offer 3.6 m ceiling levels,” says Tan.
She adds in that the redevelopment of Golden Mile Tower offers a chance to develop a brand-new mixed-use development in a prime place along Coastline Road. The structure’s heritage and future prospective make it an exceptional financial investment option for local and foreign clients.
Golden Mile Singapore is jointly established by Perennial Holdings and Far East Company. The business units were introduced last December. The new residential units, housed within a 45-storey tower, are anticipated to be introduced this quarter.
The higher GPR would similarly increase the redevelopment’s allowable gross floor area (GFA) to 525,854 sq ft, a significant boost from its current GFA of 419,142 sq ft. On top of that, unforced conservation would certainly additionally provide a higher maximum structure height of 164m, up from the site’s existing limit of 145m.
The most current cumulative sale attempt by the owners of Golden Mile Tower happened last August, with a reservation price of $556 million. This was the third en bloc attempt to market and redevelop the 99-year leasehold project.
According to records found by EdgeProp Singapore, the government has suggested that if a property developer voluntarily conserves at least the existing cinema block, it would certainly consider raising the location’s allowable gross plot ratio (GPR) from 4.46 to 5.6, based on the remaining place area of 93,902.5 sq ft.
URA has put forward a recommendation for the optional conservation of Golden Mile Tower in response to an overview application sent by the cumulative sale committe of Golden Mile Tower. This would likely happen if the 99-year leasehold development is successfully offered in a cumulative sale and a developer prepares to redevelop the real property.
“This is a rare possibility to redevelop Golden Mile Tower in light of the restricted property supply throughout Beach Road and price uplift due to revitalization initiatives like the start of Golden Mile Singapore and the adjoining Kallang Alive masterplan,” says Tan.
