URA suggests voluntary conservation of Golden Mile Tower’s iconic cinema block
The approval for voluntary preservation of Golden Mile Tower is considerable ever since the neighbouring Golden Mile Complex, currently recovered as Golden Mile Singapore, was gazetted for preservation in 2021.
The higher GPR would correspondingly enhance the redevelopment’s allowed gross floor area (GFA) to 525,854 sq ft, a major increase from its existing GFA of 419,142 sq ft. In addition, unforced preservation would likewise offer a higher optimum structure elevation of 164m, up from the site’s present limitation of 145m.
According to records seen by EdgeProp Singapore, the authorities has suggested that if a developer willingly preserves at least the existing cinema block, it would think about improving the location’s allowable gross plot ratio (GPR) from 4.46 to 5.6, based upon the remaining site area of 93,902.5 sq ft.
“The boost of the building’s height control under the voluntary preservation options opens opportunities for property developers to reimage the property with a striking horizon visibility. It additionally suggests that commercial and lodging areas in the new development can include 5m floor-to-ceiling heights, while non commercial units might offer 3.6 m ceiling levels,” claims Tan.
She includes that the redevelopment of Golden Mile Tower gives an opportunity to establish a new mixed-use development in a prime location near Coastline Road. The building’s heritage and long term prospective make it a distinct financial investment prospect for local and international investors.
Golden Mile Singapore is collectively established by Perennial Holdings and Far East Company. The business units were released last December. The new residential units, housed within a 45-storey tower, are anticipated to be released this quarter.
The most recent collective sale bid by the proprietors of Golden Mile Tower took place last August, with a reserve cost of $556 million. This was the third en bloc try to market and redevelop the 99-year leasehold project.
URA has put forward a proposition for the voluntary preservation of Golden Mile Tower in feedback 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 efficiently sold in a combined sale and a developer prepares to redevelop the property.
“This is an uncommon chance to redevelop Golden Mile Tower in light of the restricted real estate source around Beach Roadway and price uplift due to restoration initiatives like the release of Golden Mile Singapore and the neighbouring Kallang Alive masterplan,” says Tan.
According to Anna Tan, business development director at Tag Real estate (the advertising agent for the cumulative sale of Golden Mile Tower), the reserve rate of the 99-year leasehold project stays unmodified. This equates to a land rate of $1,350, which includes the price of restoring the land tenure however does not factor in land betterment costs.
