URA suggests voluntary conservation of Golden Mile Tower’s iconic cinema block
The most current cumulative sale attempt by the owners of Golden Mile Tower took place last August, with a reserve rate of $556 million. This was the third en bloc attempt to market and redevelop the 99-year leasehold property.
“The increase of the building’s height management under the voluntary conservation options opens up possibilities for developers to reimage the real estate with an attractive skyline existence. It likewise suggests that commercial and lodging rooms in the brand-new project might include 5m floor-to-ceiling heights, while residential units might provide 3.6 m ceiling heights,” claims Tan.
The authorization for voluntary conservation of Golden Mile Tower is substantial since the neighbouring Golden Mile Complex, currently brought back as Golden Mile Singapore, was gazetted for conservation in 2021.
According to reports found by EdgeProp Singapore, the authorities has indicated that if a property developer voluntarily preserves at the very least the standing cinema block, it would certainly take into consideration raising the site’s permitted gross plot ratio (GPR) from 4.46 to 5.6, based on the remaining site zone of 93,902.5 sq ft.
URA has already presented an idea for the optional management of Golden Mile Tower in response to an outline application provided by the collective sale committe of Golden Mile Tower. This would take effect if the 99-year leasehold development is successfully sold in a combined sale and a developer prepares to redevelop the real estate.
“This is an unusual opportunity to redevelop Golden Mile Tower in light of the minimal property source throughout Beach Roadway and price uplift due to revitalization initiatives like the start of Golden Mile Singapore and the neighbouring Kallang Alive masterplan,” says Tan.
She includes that the redevelopment of Golden Mile Tower provides an opportunity to develop a new mixed-use development in a prime location near Coastline Roadway. The establishment’s heritage and future potential make it an unique investment option for community and foreign clients.
The higher GPR would correspondingly increase 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. Furthermore, unforced preservation would likewise offer a greater optimum building height of 164m, up from the site’s existing restriction of 145m.
According to Anna Tan, firm development administrator 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 remains the same. This equates to a land rate of $1,350, which includes the cost of renewing the land term but does not factor in land improvement costs.
Golden Mile Singapore is collectively established by Perennial Holdings and Far East Organization. The business units were released last December. The new non commercial units, housed inside a 45-storey tower, are anticipated to be launched this quarter.
