URA suggests voluntary conservation of Golden Mile Tower’s iconic cinema block
One of the most recent collective sale bid by the owners of Golden Mile Tower took place last August, with a reservation rate of $556 million. This was the 3rd en bloc attempt to market and redevelop the 99-year leasehold development.
Golden Mile Singapore is collectively established by Perennial Holdings and Far East Organization. The commercial units were launched last December. The brand-new non commercial units, housed inside a 45-storey tower, are expected to be released this quarter.
The higher GPR would similarly enhance the redevelopment’s allowed gross floor area (GFA) to 525,854 sq ft, a substantial increase from its current GFA of 419,142 sq ft. On top of that, voluntary conservation would likewise provide a higher optimum structure elevation of 164m, up from the site’s present limit of 145m.
“The rise of the building’s elevation management under the voluntary preservation options opens up possibilities for developers to reimage the property with an impressive horizon presence. It additionally indicates that commercial and hotel rooms in the brand-new development can feature 5m floor-to-ceiling heights, while residential units might provide 3.6 m ceiling levels,” states Tan.
URA has presented a recommendation for the optional conservation of Golden Mile Tower in answer to an overview application provided by the cumulative sale committe of Golden Mile Tower. This would happen if the 99-year leasehold development is successfully marketed in a combined sale and a developer prepares to redevelop the real estate.
According to Anna Tan, business development supervisor at Tag Realty (the advertising broker for the collective sale of Golden Mile Tower), the reserve price of the 99-year leasehold project remains unchanged. This equates to a land price of $1,350, that includes the expense of restoring the land term however does not factor in land improvement charges.
“This is an uncommon possibility to redevelop Golden Mile Tower in light of the minimal property supply around Beach Road and price uplift due to rejuvenation attempts like the start of Golden Mile Singapore and the neighbouring Kallang Alive masterplan,” says Tan.
Blossoms By The Park EL Development
She includes that the redevelopment of Golden Mile Tower gives a possibility to develop a new mixed-use project in a prime area along Beach Road. The building’s heritage and future prospective make it an unique investment opportunity for local and foreign buyers.
The consent for voluntary preservation of Golden Mile Tower is substantial ever since the neighbouring Golden Mile Complex, now restored as Golden Mile Singapore, was gazetted for conservation in 2021.
According to reports found by EdgeProp Singapore, the authorities has shown that if a builder voluntarily preserves at the very least the standing movie theater block, it would take into consideration raising the site’s allowed gross plot ratio (GPR) from 4.46 to 5.6, based on the remaining place zone of 93,902.5 sq ft.
