URA suggests voluntary conservation of Golden Mile Tower’s iconic cinema block
Golden Mile Singapore is collectively established by Perennial Holdings and Far East Company. The business units were introduced last December. The new home units, housed within a 45-storey tower, are anticipated to be released this quarter.
According to records seen by EdgeProp Singapore, the government has suggested that if a developer willingly preserves 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 on the existing place zone of 93,902.5 sq ft.
According to Anna Tan, firm development administrator at Tag Realty (the marketing representative for the collective sale of Golden Mile Tower), the reserve price of the 99-year leasehold project remains unchanged. This equates to a land fee of $1,350, that includes the price of reviving the land period but does not factor in land improvement charges.
“This is an uncommon opportunity to redevelop Golden Mile Tower in light of the restricted land supply throughout Beach Roadway and rate uplift due to revitalization efforts like the launch of Golden Mile Singapore and the adjoining Kallang Alive masterplan,” claims Tan.
“The boost of the structure’s elevation control under the volunteer conservation options opens possibilities for property developers to reimage the real estate with a striking sky line visibility. It likewise implies that business and resort areas in the new development can include 5m floor-to-ceiling heights, while non commercial units might offer 3.6 m ceiling levels,” says Tan.
The greater GPR would correspondingly increase the redevelopment’s permitted gross floor area (GFA) to 525,854 sq ft, a significant boost from its current GFA of 419,142 sq ft. In addition, voluntary preservation would certainly likewise provide a higher optimum building elevation of 164m, up from the site’s present limitation of 145m.
URA has recently proposed a suggestion 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 work if the 99-year leasehold growth is successfully sold in a collective sale and a developer intends to redevelop the property.
The approval for voluntary preservation of Golden Mile Tower is substantial ever since the neighbouring Golden Mile Complex, currently recovered as Golden Mile Singapore, was gazetted for conservation in 2021.
She adds in that the redevelopment of Golden Mile Tower offers a possibility to establish a new mixed-use improvement in a prime location near Coastline Road. The structure’s heritage and long term potential make it an unique financial investment option for community and overseas investors.
One of the most recent cumulative sale bid by the owners of Golden Mile Tower occurred last August, with a reservation price of $556 million. This was the third en bloc try to offer and redevelop the 99-year leasehold development.
