URA suggests voluntary conservation of Golden Mile Tower’s iconic cinema block
The consent for voluntary preservation of Golden Mile Tower is significant since the neighbouring Golden Mile Complex, now recovered as Golden Mile Singapore, was gazetted for preservation in 2021.
The higher GPR would correspondingly increase the redevelopment’s allowed gross floor area (GFA) to 525,854 sq ft, a substantial increase from its present GFA of 419,142 sq ft. Furthermore, optional preservation would certainly likewise provide a greater maximum building height of 164m, up from the site’s existing limitation of 145m.
According to records seen by EdgeProp Singapore, the government has shown that if a property developer willingly preserves at least the standing cinema block, it would certainly consider improving the site’s permitted gross plot ratio (GPR) from 4.46 to 5.6, based upon the existing place area of 93,902.5 sq ft.
The most current collective sale attempt by the owners of Golden Mile Tower took place last August, with a reservation price of $556 million. This was the 3rd en bloc try to offer and redevelop the 99-year leasehold development.
“This is a rare possibility to redevelop Golden Mile Tower in light of the restricted property source along Beach Roadway and price uplift due to restoration attempts like the launch of Golden Mile Singapore and the adjoining Kallang Alive masterplan,” says Tan.
According to Anna Tan, business development supervisor at Tag Realty (the marketing broker for the collective sale of Golden Mile Tower), the reserve price of the 99-year leasehold development stays unmodified. This translates to a land price of $1,350, which includes the expense of restoring the land period however does not factor in land betterment fees.
Golden Mile Singapore is jointly created by Perennial Holdings and Far East Company. The commercial units were launched last December. The new residential units, housed within a 45-storey tower, are expected to be released this quarter.
She adds in that the redevelopment of Golden Mile Tower provides a chance to develop a new mixed-use development in a prime location near Coastline Roadway. The structure’s heritage and long term prospective make it a special investment option for local and foreign clients.
“The increase of the building’s elevation control under the voluntary preservation possibilities opens chances for property developers to reimage the property with an impressive sky line existence. It likewise indicates that commercial and hotel areas in the new development might include 5m floor-to-ceiling elevations, while residential units might provide 3.6 m ceiling heights,” says Tan.
URA has recently put forward a recommendation for the optional preservation of Golden Mile Tower in feedback to an overview application submitted by the cumulative sale committe of Golden Mile Tower. This would most likely happen if the 99-year leasehold development is successfully sold in a collective sale and a developer intends to redevelop the real estate.
