URA suggests voluntary conservation of Golden Mile Tower’s iconic cinema block
According to records seen by EdgeProp Singapore, the authorities has suggested that if a builder willingly preserves at the very least the standing movie theater block, it would certainly take into consideration raising the site’s allowed gross plot ratio (GPR) from 4.46 to 5.6, based upon 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 released last December. The new residential units, housed inside a 45-storey tower, are anticipated to be launched this quarter.
One of the most recent collective sale attempt by the owners of Golden Mile Tower happened last August, with a reservation rate of $556 million. This was the 3rd en bloc attempt to offer and redevelop the 99-year leasehold development.
“This is a rare possibility to redevelop Golden Mile Tower in light of the restricted land source along Beach Road and rate uplift due to revitalization efforts like the start of Golden Mile Singapore and the neighbouring Kallang Alive masterplan,” says Tan.
“The increase of the building’s height management under the volunteer conservation possibilities opens up possibilities for developers to reimage the real estate with an attractive skyline existence. It likewise indicates that commercial and resort spaces in the brand-new project could feature 5m floor-to-ceiling elevations, while residential units could provide 3.6 m ceiling levels,” says Tan.
The authorization for voluntary conservation of Golden Mile Tower is significant since the neighbouring Golden Mile Complex, now restored as Golden Mile Singapore, was gazetted for preservation in 2021.
According to Anna Tan, firm development director at Tag Realty (the marketing agent for the cumulative sale of Golden Mile Tower), the reserve rate of the 99-year leasehold development stays the same. This equates to a land fee of $1,350, that includes the expense of restoring the land term but does not factor in land betterment costs.
The greater GPR would similarly increase the redevelopment’s permitted gross floor area (GFA) to 525,854 sq ft, a major increase from its current GFA of 419,142 sq ft. On top of that, unforced conservation would likewise offer a higher optimum structure elevation of 164m, up from the site’s current limitation of 145m.
URA has proposed a proposition for the voluntary conservation of Golden Mile Tower in answer to an overview application submitted by the cumulative sale committe of Golden Mile Tower. This would likely take effect if the 99-year leasehold advancement is effectively offered in a cumulative sale and a developer plans to redevelop the property.
She includes that the redevelopment of Golden Mile Tower provides an opportunity to develop a new mixed-use project in a prime place near Beach Roadway. The structure’s heritage and future prospective make it a special investment option for local and international investors.
