URA suggests voluntary conservation of Golden Mile Tower’s iconic cinema block
The most current cumulative sale bid by the owners of Golden Mile Tower happened last August, with a reservation rate of $556 million. This was the third en bloc attempt to offer and redevelop the 99-year leasehold development.
The higher GPR would similarly boost the redevelopment’s allowable gross floor area (GFA) to 525,854 sq ft, a substantial increase from its present GFA of 419,142 sq ft. On top of that, optional preservation would likewise offer a higher maximum structure elevation of 164m, up from the site’s current limit of 145m.
She adds that the redevelopment of Golden Mile Tower delivers an opportunity to establish a new mixed-use project in a prime location along Beach Roadway. The establishment’s heritage and long term potential make it a distinct financial investment opportunity for community and overseas buyers.
“This is an unusual opportunity to redevelop Golden Mile Tower in light of the restricted land source throughout Beach Roadway and rate uplift due to revitalization attempts like the launch of Golden Mile Singapore and the neighbouring Kallang Alive masterplan,” claims Tan.
The authorization for voluntary conservation of Golden Mile Tower is considerable since the neighbouring Golden Mile Complex, currently brought back as Golden Mile Singapore, was gazetted for conservation in 2021.
According to records seen by EdgeProp Singapore, the government has actually shown that if a property developer voluntarily conserves at the very least the standing movie theater block, it would think about raising the location’s allowable gross plot ratio (GPR) from 4.46 to 5.6, based upon the existing place area of 93,902.5 sq ft.
According to Anna Tan, firm development supervisor at Tag Realty (the advertising representative for the cumulative sale of Golden Mile Tower), the reserve price of the 99-year leasehold project stays unchanged. This translates to a land rate of $1,350, which includes the cost of renewing the land term however does not factor in land betterment fees.
URA has recently proposed a proposition for the voluntary conservation of Golden Mile Tower in answer to an overview application sent by the collective sale committe of Golden Mile Tower. This would likely work if the 99-year leasehold development is effectively offered in a combined sale and a developer intends to redevelop the property.
Golden Mile Singapore is jointly created by Perennial Holdings and Far East Organization. The business units were introduced last December. The new home units, housed within a 45-storey tower, are expected to be launched this quarter.
“The increase of the building’s height management under the voluntary preservation options opens up possibilities for developers to reimage the property with an attractive sky line presence. It also suggests that commercial and hotel areas in the brand-new development could include 5m floor-to-ceiling heights, while non commercial units can provide 3.6 m ceiling heights,” says Tan.
