URA suggests voluntary conservation of Golden Mile Tower’s iconic cinema block
According to reports seen by EdgeProp Singapore, the government has actually suggested that if a developer willingly saves at the very least the existing cinema block, it would consider improving the site’s permitted gross plot ratio (GPR) from 4.46 to 5.6, based upon the existing site zone of 93,902.5 sq ft.
“This is an uncommon possibility to redevelop Golden Mile Tower in light of the minimal real estate source throughout Beach Roadway and rate uplift due to rejuvenation initiatives like the release of Golden Mile Singapore and the adjoining Kallang Alive masterplan,” states Tan.
URA has presented a suggestion for the optional management of Golden Mile Tower in feedback to an overview application submitted by the cumulative sale committe of Golden Mile Tower. This would likely take effect if the 99-year leasehold development is successfully marketed in a combined sale and a developer intends to redevelop the real property.
Golden Mile Singapore is collectively established by Perennial Holdings and Far East Organization. The commercial units were released last December. The brand-new household units, housed inside a 45-storey tower, are expected to be launched this quarter.
The greater GPR would similarly increase the redevelopment’s allowable gross floor area (GFA) to 525,854 sq ft, a major boost from its current GFA of 419,142 sq ft. In addition, optional conservation would also offer a greater optimum building elevation of 164m, up from the site’s existing limitation of 145m.
The authorization for voluntary preservation of Golden Mile Tower is substantial ever since the neighbouring Golden Mile Complex, currently brought back as Golden Mile Singapore, was gazetted for conservation in 2021.
According to Anna Tan, business development director at Tag Realty (the advertising and marketing agent for the cumulative sale of Golden Mile Tower), the reserve price of the 99-year leasehold development stays unchanged. This equates to a land rate of $1,350, that includes the cost of renewing the land term however does not factor in land betterment charges.
She adds in that the redevelopment of Golden Mile Tower delivers a possibility to develop a brand-new mixed-use development in a prime location along Coastline Road. The structure’s heritage and future potential make it an exceptional investment option for local and international clients.
“The rise of the building’s height control under the voluntary preservation choices opens possibilities for developers to reimage the real estate with a striking skyline visibility. It also means that commercial and hotel rooms in the new project could include 5m floor-to-ceiling heights, while residential units could provide 3.6 m ceiling heights,” states Tan.
The most recent collective sale attempt by the owners of Golden Mile Tower took place last August, with a reserve cost of $556 million. This was the 3rd en bloc try to market and redevelop the 99-year leasehold property.
