Ura Approves Voluntary Conservation Golden Mile Tower%E2%80%99S Iconic Cinema Block
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The Urban Redevelopment Authority (URA) recently approved a proposal for the voluntary conservation of Golden Mile Tower. This decision would come into effect if the 99-year leasehold development is successfully sold in a collective sale and the developer plans to redevelop the property.
Sources have revealed that the government has indicated that if the developer decides to conserve at least the existing cinema block, the allowable gross plot ratio (GPR) for the site may be increased from 4.46 to 5.6. This is based on the current site area of 93,902.5 sq ft. The higher GPR would also mean a boost in the redevelopment’s allowable gross floor area (GFA) from 419,142 sq ft to 525,854 sq ft. As a result, the maximum building height would also be increased from the current limit of 145m to 164m.
The recent collective sale attempt of Golden Mile Tower in August 2020 had a reserve price of $556 million, which was the third attempt of the owners to sell and redevelop the 99-year leasehold development. According to Anna Tan, the business development director at Tag Realty, the reserve price has not been changed. This translates to a land rate of $1,350, which includes the cost of renewing the lease but does not take into account land betterment charges.
Tan also adds that the increase in the building’s height limit under the voluntary conservation option opens up new possibilities for developers to reimagine the property with a striking skyline presence. It also means that the commercial and hotel spaces in the new development could have 5m floor-to-ceiling heights, while residential units could offer 3.6m ceiling heights.
The approval of the voluntary conservation of Golden Mile Tower is significant, as its neighboring Golden Mile Complex has been restored and gazetted for conservation in 2021. The Golden Mile Complex, now known as Golden Mile Singapore, is a joint development by Perennial Holdings and Far East Organization. The commercial units were launched in December last year, and the residential units, housed in a 45-storey tower, are expected to be launched this quarter.
According to Tan, this is a rare opportunity to redevelop Golden Mile Tower due to the limited land supply in the Beach Road area and the potential price increase due to the nearby Kallang Alive masterplan and the launch of Golden Mile Singapore. She also believes that the redevelopment of Golden Mile Tower presents a prime opportunity to develop a new mixed-use development in a prime location. With its heritage and future potential, it is a unique investment opportunity for both local and international investors.