URA suggests voluntary conservation of Golden Mile Tower’s iconic cinema block
According to Anna Tan, business development administrator at Tag Realty (the advertising and marketing broker for the collective sale of Golden Mile Tower), the reserve price of the 99-year leasehold development stays unchanged. This translates to a land fee of $1,350, that includes the cost of reviving the land period however does not factor in land betterment costs.
“The increase of the building’s height control under the volunteer preservation options opens possibilities for property developers to reimage the property with an impressive skyline existence. It also indicates that commercial and hotel spaces in the new development could feature 5m floor-to-ceiling elevations, while non commercial units might provide 3.6 m ceiling levels,” states Tan.
“This is an uncommon possibility to redevelop Golden Mile Tower in light of the minimal property supply along Beach Road and price uplift due to revitalization efforts like the start of Golden Mile Singapore and the adjoining Kallang Alive masterplan,” says Tan.
The most current collective sale attempt by the proprietors of Golden Mile Tower occurred last August, with a reserve cost of $556 million. This was the 3rd en bloc attempt to market and redevelop the 99-year leasehold project.
According to records seen by EdgeProp Singapore, the government has actually indicated that if a developer willingly preserves at the very least the standing movie theater block, it would certainly think about improving the location’s permitted gross plot ratio (GPR) from 4.46 to 5.6, based on the existing site zone of 93,902.5 sq ft.
The higher GPR would similarly increase the redevelopment’s allowable gross floor area (GFA) to 525,854 sq ft, a major increase from its existing GFA of 419,142 sq ft. Additionally, unforced conservation would certainly also provide a higher maximum building height of 164m, up from the site’s current restriction of 145m.
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.
She adds that the redevelopment of Golden Mile Tower gives a chance to establish a new mixed-use development in a prime location near Coastline Roadway. The building’s heritage and future prospective make it a special investment prospect for community and international clients.
URA has already proposed a proposition for the optional preservation of Golden Mile Tower in response to an outline application provided by the collective sale committe of Golden Mile Tower. This would work if the 99-year leasehold development is successfully sold in a cumulative sale and a developer intends to redevelop the real property.
Golden Mile Singapore is jointly developed by Perennial Holdings and Far East Organization. The commercial units were introduced last December. The new home units, housed inside a 45-storey tower, are anticipated to be released this quarter.
