URA suggests voluntary conservation of Golden Mile Tower’s iconic cinema block
According to Anna Tan, firm development administrator at Tag Realty (the marketing broker for the collective sale of Golden Mile Tower), the reserve rate of the 99-year leasehold project continues to be unchanged. This translates to a land fee of $1,350, that includes the cost of restoring the land term but does not factor in land improvement charges.
She adds that the redevelopment of Golden Mile Tower delivers an opportunity to develop a new mixed-use project in a prime location near Coastline Roadway. The establishment’s heritage and future prospective make it a distinct investment prospect for local and foreign buyers.
The authorization for voluntary preservation of Golden Mile Tower is substantial ever since the neighbouring Golden Mile Complex, now brought back as Golden Mile Singapore, was gazetted for preservation in 2021.
Marina View Residences Singapore
“The increase of the structure’s elevation control under the volunteer preservation possibilities opens up possibilities for property developers to reimage the property with a striking horizon existence. It also indicates that commercial and resort spaces in the new development could feature 5m floor-to-ceiling elevations, while residential units might offer 3.6 m ceiling levels,” states Tan.
“This is an uncommon possibility to redevelop Golden Mile Tower in light of the minimal land supply around Beach Road and price uplift due to revitalization initiatives like the release of Golden Mile Singapore and the adjoining Kallang Alive masterplan,” says Tan.
Golden Mile Singapore is jointly established by Perennial Holdings and Far East Company. The commercial units were launched last December. The brand-new residential units, housed within 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 cost of $556 million. This was the third en bloc try to market and redevelop the 99-year leasehold property.
According to documents seen by EdgeProp Singapore, the government has suggested that if a builder willingly saves at least the existing movie theater block, it would certainly consider raising the site’s permitted gross plot ratio (GPR) from 4.46 to 5.6, based on the existing place zone of 93,902.5 sq ft.
The higher GPR would similarly enhance the redevelopment’s permitted gross floor area (GFA) to 525,854 sq ft, a substantial boost from its present GFA of 419,142 sq ft. In addition, optional preservation would additionally grant a higher maximum structure elevation of 164m, up from the site’s current limitation of 145m.
URA has already presented an idea for the optional management of Golden Mile Tower in answer to an outline application provided by the collective sale committe of Golden Mile Tower. This would most likely work if the 99-year leasehold advancement is successfully sold in a cumulative sale and a developer prepares to redevelop the real estate.
