URA suggests voluntary conservation of Golden Mile Tower’s iconic cinema block
URA has already proposed a suggestion for the optional conservation of Golden Mile Tower in answer to an overview application submitted by the collective sale committe of Golden Mile Tower. This would work if the 99-year leasehold advancement is effectively sold in a collective sale and a developer intends to redevelop the real property.
She adds that the redevelopment of Golden Mile Tower provides a chance to create a new mixed-use development in a prime location along Coastline Roadway. The structure’s heritage and future prospective make it an exceptional financial investment opportunity for community and foreign buyers.
The most recent collective sale bid by the owners of Golden Mile Tower occurred last August, with a reservation cost of $556 million. This was the third en bloc attempt to sell and redevelop the 99-year leasehold development.
Golden Mile Singapore is jointly established by Perennial Holdings and Far East Organization. The business units were introduced last December. The new household units, housed within a 45-storey tower, are expected to be launched this quarter.
According to reports seen by EdgeProp Singapore, the government has shown that if a builder voluntarily preserves at the very least the standing movie theater block, it would certainly think about raising the site’s allowable gross plot ratio (GPR) from 4.46 to 5.6, based on the remaining site area of 93,902.5 sq ft.
“This is a rare chance to redevelop Golden Mile Tower in light of the restricted property supply around Beach Road and rate uplift due to restoration efforts like the launch of Golden Mile Singapore and the adjoining Kallang Alive masterplan,” claims Tan.
“The rise of the building’s height control under the volunteer conservation options opens up possibilities for property developers to reimage the property with an impressive horizon presence. It also implies that commercial and hotel rooms in the new development might include 5m floor-to-ceiling heights, while non commercial units could provide 3.6 m ceiling levels,” says Tan.
According to Anna Tan, firm development administrator at Tag Real estate (the advertising and marketing agent for the collective sale of Golden Mile Tower), the reserve rate of the 99-year leasehold project stays unmodified. This equates to a land price of $1,350, that includes the cost of reviving the land term however does not factor in land betterment fees.
The approval for voluntary conservation of Golden Mile Tower is significant ever since the neighbouring Golden Mile Complex, now brought back as Golden Mile Singapore, was gazetted for preservation in 2021.
The higher GPR would similarly increase the redevelopment’s allowable gross floor area (GFA) to 525,854 sq ft, a substantial boost from its present GFA of 419,142 sq ft. In addition, voluntary preservation would likewise offer a greater maximum structure elevation of 164m, up from the site’s present limitation of 145m.
