URA suggests voluntary conservation of Golden Mile Tower’s iconic cinema block
The greater GPR would similarly boost the redevelopment’s allowable gross floor area (GFA) to 525,854 sq ft, a major increase from its current GFA of 419,142 sq ft. Furthermore, unforced conservation would certainly likewise provide a greater maximum building elevation of 164m, up from the site’s existing limit of 145m.
URA has put forward an idea for the optional management of Golden Mile Tower in answer to an outline application provided by the collective sale committe of Golden Mile Tower. This would most likely happen if the 99-year leasehold development is successfully sold in a collective sale and a developer prepares to redevelop the property.
The most recent collective sale attempt by the owners of Golden Mile Tower happened last August, with a reservation price of $556 million. This was the 3rd en bloc try to market and redevelop the 99-year leasehold project.
She adds that the redevelopment of Golden Mile Tower provides a chance to create a new mixed-use improvement in a prime location near Beach Roadway. The structure’s heritage and future potential make it an exceptional financial investment option for community and overseas clients.
The consent for voluntary preservation of Golden Mile Tower is substantial since the neighbouring Golden Mile Complex, now brought back as Golden Mile Singapore, was gazetted for preservation in 2021.
“This is a rare chance to redevelop Golden Mile Tower in light of the limited land supply throughout Beach Roadway and price uplift due to rejuvenation efforts like the release of Golden Mile Singapore and the neighbouring Kallang Alive masterplan,” states Tan.
According to records found by EdgeProp Singapore, the government has actually indicated that if a property developer willingly saves at the very least the existing cinema block, it would take into consideration increasing the location’s allowed gross plot ratio (GPR) from 4.46 to 5.6, based on the remaining place area of 93,902.5 sq ft.
Golden Mile Singapore is collectively developed by Perennial Holdings and Far East Company. The business units were introduced last December. The new home units, housed inside a 45-storey tower, are anticipated to be released this quarter.
“The increase of the building’s elevation control under the volunteer preservation options opens opportunities for property developers to reimage the real estate with an impressive skyline existence. It also suggests that commercial and resort spaces in the new development might include 5m floor-to-ceiling heights, while residential units might provide 3.6 m ceiling heights,” says Tan.
According to Anna Tan, firm development supervisor at Tag Real estate (the marketing representative for the collective sale of Golden Mile Tower), the reserve rate of the 99-year leasehold project remains the same. This translates to a land rate of $1,350, that includes the expense of reviving the land term but does not factor in land betterment fees.
