URA suggests voluntary conservation of Golden Mile Tower’s iconic cinema block
URA has already proposed a recommendation for the voluntary management of Golden Mile Tower in answer to an overview application submitted by the cumulative sale committe of Golden Mile Tower. This would likely work if the 99-year leasehold growth is successfully sold in a collective sale and a developer intends to redevelop the property.
“The boost of the structure’s elevation control under the voluntary preservation options opens up chances for property developers to reimage the property with an attractive horizon visibility. It additionally implies that business and lodging areas in the brand-new project might include 5m floor-to-ceiling elevations, while non commercial units might 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 near Beach Road. The establishment’s heritage and long term potential make it a special financial investment opportunity for community and overseas clients.
The greater GPR would correspondingly increase the redevelopment’s allowable gross floor area (GFA) to 525,854 sq ft, a significant boost from its existing GFA of 419,142 sq ft. In addition, voluntary preservation would additionally offer a greater maximum structure height of 164m, up from the site’s present limitation of 145m.
According to Anna Tan, business development supervisor at Tag Real estate (the advertising and marketing agent for the cumulative sale of Golden Mile Tower), the reserve rate of the 99-year leasehold development stays unmodified. This equates to a land fee of $1,350, which includes the cost of reviving the land tenure but does not factor in land betterment fees.
The most recent collective sale bid by the owners of Golden Mile Tower occurred last August, with a reserve rate of $556 million. This was the 3rd en bloc attempt to market and redevelop the 99-year leasehold property.
Golden Mile Singapore is jointly developed by Perennial Holdings and Far East Company. The commercial units were introduced last December. The new residential units, housed within a 45-storey tower, are anticipated to be introduced this quarter.
According to documents seen by EdgeProp Singapore, the government has suggested that if a builder voluntarily preserves at the very least the standing movie theater block, it would take into consideration improving the site’s allowable gross plot ratio (GPR) from 4.46 to 5.6, based upon the existing place area of 93,902.5 sq ft.
“This is a rare possibility to redevelop Golden Mile Tower in light of the minimal land source around Beach Roadway and price uplift due to rejuvenation attempts like the start of Golden Mile Singapore and the adjoining Kallang Alive masterplan,” says Tan.
The approval for voluntary preservation of Golden Mile Tower is significant since the neighbouring Golden Mile Complex, currently recovered as Golden Mile Singapore, was gazetted for conservation in 2021.
