URA suggests voluntary conservation of Golden Mile Tower’s iconic cinema block
The higher GPR would correspondingly boost the redevelopment’s permitted gross floor area (GFA) to 525,854 sq ft, a significant increase from its existing GFA of 419,142 sq ft. Furthermore, voluntary conservation would certainly likewise grant a greater optimum building elevation of 164m, up from the site’s present limitation of 145m.
“This is an unusual opportunity to redevelop Golden Mile Tower in light of the minimal property source throughout Beach Road and price uplift due to revitalization attempts like the release of Golden Mile Singapore and the neighbouring Kallang Alive masterplan,” says Tan.
She includes that the redevelopment of Golden Mile Tower gives a chance to develop a new mixed-use development in a prime area along Beach Road. The building’s heritage and future potential make it an exceptional financial investment prospect for local and foreign investors.
The consent for voluntary conservation of Golden Mile Tower is considerable ever since the neighbouring Golden Mile Complex, now recovered as Golden Mile Singapore, was gazetted for conservation in 2021.
“The increase of the structure’s elevation control under the voluntary preservation possibilities opens chances for developers to reimage the real estate with an attractive sky line existence. It additionally means that commercial and resort areas in the new development could feature 5m floor-to-ceiling elevations, while residential units can offer 3.6 m ceiling heights,” states Tan.
According to reports found by EdgeProp Singapore, the authorities has actually suggested that if a developer voluntarily saves at the very least the existing movie theater block, it would take into consideration increasing the site’s allowed gross plot ratio (GPR) from 4.46 to 5.6, based upon the existing place zone of 93,902.5 sq ft.
URA has put forward a suggestion for the voluntary conservation of Golden Mile Tower in response to an overview application provided by the collective sale committe of Golden Mile Tower. This would likely happen if the 99-year leasehold development is effectively offered in a collective sale and a developer prepares to redevelop the real property.
According to Anna Tan, business development administrator at Tag Real estate (the advertising and marketing representative for the cumulative sale of Golden Mile Tower), the reserve price of the 99-year leasehold development remains unmodified. This translates to a land fee of $1,350, that includes the price of reviving the land tenure however does not factor in land improvement costs.
Golden Mile Singapore is collectively developed by Perennial Holdings and Far East Company. The commercial units were released last December. The brand-new household units, housed inside a 45-storey tower, are expected to be launched this quarter.
One of the most current cumulative sale bid by the owners of Golden Mile Tower occurred last August, with a reserve price of $556 million. This was the third en bloc try to offer and redevelop the 99-year leasehold project.
