URA suggests voluntary conservation of Golden Mile Tower’s iconic cinema block
The consent for voluntary conservation of Golden Mile Tower is considerable ever since the neighbouring Golden Mile Complex, now recovered as Golden Mile Singapore, was gazetted for preservation in 2021.
“This is an unusual chance to redevelop Golden Mile Tower in light of the restricted real estate supply along Beach Road and price uplift due to restoration initiatives like the launch of Golden Mile Singapore and the adjoining Kallang Alive masterplan,” says Tan.
The higher GPR would correspondingly boost the redevelopment’s permitted gross floor area (GFA) to 525,854 sq ft, a significant increase from its current GFA of 419,142 sq ft. On top of that, optional conservation would likewise provide a higher optimum building elevation of 164m, up from the site’s existing limitation of 145m.
“The increase of the building’s elevation management under the volunteer conservation options opens opportunities for property developers to reimage the real estate with an impressive skyline existence. It likewise indicates that business and hotel areas in the new development can feature 5m floor-to-ceiling elevations, while non commercial units might provide 3.6 m ceiling levels,” says Tan.
The most recent cumulative sale attempt by the proprietors of Golden Mile Tower happened last August, with a reservation price of $556 million. This was the third en bloc try to sell and redevelop the 99-year leasehold development.
URA has recently put forward a suggestion for the optional preservation of Golden Mile Tower in answer to an outline application provided by the cumulative sale committe of Golden Mile Tower. This would most likely happen if the 99-year leasehold advancement is effectively offered in a collective sale and a developer intends to redevelop the property.
She adds that the redevelopment of Golden Mile Tower delivers a chance to create a new mixed-use development in a prime place along Coastline Road. The building’s heritage and long term potential make it an exceptional investment prospect for local and overseas investors.
The Arcady @ Boon Keng floor plan
According to Anna Tan, firm development administrator at Tag Realty (the marketing agent for the collective sale of Golden Mile Tower), the reserve price of the 99-year leasehold development continues to be unchanged. This translates to a land rate of $1,350, that includes the expense of restoring the land tenure however does not factor in land improvement costs.
According to documents found by EdgeProp Singapore, the government has actually shown that if a property developer willingly conserves a minimum of the standing movie theater block, it would consider increasing the site’s permitted gross plot ratio (GPR) from 4.46 to 5.6, based on the existing site area of 93,902.5 sq ft.
Golden Mile Singapore is collectively established by Perennial Holdings and Far East Organization. The business units were introduced last December. The new household units, housed inside a 45-storey tower, are expected to be introduced this quarter.
