URA suggests voluntary conservation of Golden Mile Tower’s iconic cinema block
URA has already put forward a recommendation for the optional management of Golden Mile Tower in answer to an outline application sent by the collective sale committe of Golden Mile Tower. This would most likely work if the 99-year leasehold advancement is efficiently marketed in a collective sale and a developer intends to redevelop the real estate.
“This is a rare chance to redevelop Golden Mile Tower in light of the limited real estate supply throughout Beach Roadway and rate uplift due to restoration attempts like the launch of Golden Mile Singapore and the adjoining Kallang Alive masterplan,” states Tan.
The greater GPR would correspondingly increase the redevelopment’s permitted gross floor area (GFA) to 525,854 sq ft, a substantial boost from its existing GFA of 419,142 sq ft. Furthermore, optional conservation would likewise grant a greater optimum building elevation of 164m, up from the site’s current limit of 145m.
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 preservation in 2021.
According to records seen by EdgeProp Singapore, the government has actually indicated that if a developer voluntarily saves a minimum of the standing cinema block, it would think about improving the location’s allowable gross plot ratio (GPR) from 4.46 to 5.6, based upon the remaining place area of 93,902.5 sq ft.
“The rise of the structure’s height control under the voluntary conservation possibilities opens chances for property developers to reimage the property with an impressive skyline existence. It additionally means that business and resort areas in the brand-new project might include 5m floor-to-ceiling heights, while residential units can provide 3.6 m ceiling heights,” claims Tan.
Golden Mile Singapore is jointly created by Perennial Holdings and Far East Organization. The commercial units were launched last December. The brand-new non commercial units, housed within a 45-storey tower, are expected to be introduced this quarter.
One of the most recent collective sale attempt by the owners of Golden Mile Tower took place last August, with a reservation cost of $556 million. This was the 3rd en bloc try to market and redevelop the 99-year leasehold property.
According to Anna Tan, business development supervisor at Tag Real estate (the advertising and marketing broker for the collective sale of Golden Mile Tower), the reserve price of the 99-year leasehold development stays the same. This equates to a land fee of $1,350, that includes the price of reviving the land tenure but does not factor in land betterment charges.
She adds that the redevelopment of Golden Mile Tower offers an opportunity to establish a brand-new mixed-use development in a prime location along Coastline Roadway. The structure’s heritage and long term prospective make it an unique investment option for community and international clients.
