URA suggests voluntary conservation of Golden Mile Tower’s iconic cinema block
According to documents seen by EdgeProp Singapore, the authorities has indicated that if a builder willingly conserves at the very least the standing movie theater block, it would take into consideration raising the site’s permitted gross plot ratio (GPR) from 4.46 to 5.6, based upon the remaining site area of 93,902.5 sq ft.
Golden Mile Singapore is collectively established by Perennial Holdings and Far East Organization. The business units were released last December. The new non commercial units, housed inside a 45-storey tower, are anticipated to be released this quarter.
“This is an uncommon possibility to redevelop Golden Mile Tower in light of the limited land supply along Beach Roadway and price uplift due to restoration attempts like the release of Golden Mile Singapore and the neighbouring Kallang Alive masterplan,” claims Tan.
“The increase of the structure’s height management under the voluntary preservation options opens possibilities for developers to reimage the real estate with a striking horizon existence. It additionally indicates that business and resort spaces in the new project can feature 5m floor-to-ceiling heights, while non commercial units can offer 3.6 m ceiling heights,” states Tan.
The greater GPR would similarly increase the redevelopment’s allowed gross floor area (GFA) to 525,854 sq ft, a significant increase from its present GFA of 419,142 sq ft. On top of that, optional conservation would likewise grant a higher maximum building elevation of 164m, up from the site’s existing limitation of 145m.
The authorization for voluntary conservation of Golden Mile Tower is substantial ever since the neighbouring Golden Mile Complex, currently restored as Golden Mile Singapore, was gazetted for conservation in 2021.
URA has already proposed an idea for the voluntary conservation of Golden Mile Tower in answer to an overview application submitted by the collective sale committe of Golden Mile Tower. This would happen if the 99-year leasehold growth is successfully marketed in a collective sale and a developer plans to redevelop the property.
According to Anna Tan, business development administrator at Tag Realty (the advertising and marketing broker for the cumulative sale of Golden Mile Tower), the reserve price of the 99-year leasehold project remains unmodified. This translates to a land fee of $1,350, that includes the cost of restoring the land period but does not factor in land improvement fees.
The most current collective sale bid by the proprietors of Golden Mile Tower took place last August, with a reservation rate of $556 million. This was the third en bloc attempt to market and redevelop the 99-year leasehold property.
She adds in that the redevelopment of Golden Mile Tower gives a chance to create a brand-new mixed-use improvement in a prime place near Beach Road. The structure’s heritage and future potential make it a special investment opportunity for community and foreign buyers.
