URA suggests voluntary conservation of Golden Mile Tower’s iconic cinema block
According to documents seen by EdgeProp Singapore, the authorities has actually suggested that if a developer voluntarily saves a minimum of the standing movie theater block, it would consider raising the site’s permitted gross plot ratio (GPR) from 4.46 to 5.6, based on the existing site zone of 93,902.5 sq ft.
According to Anna Tan, business development supervisor at Tag Real estate (the marketing representative for the collective sale of Golden Mile Tower), the reserve price of the 99-year leasehold project stays unchanged. This equates to a land fee of $1,350, that includes the cost of restoring the land term but does not factor in land betterment fees.
Union Square Residences City Developments Limited
The greater GPR would similarly increase the redevelopment’s allowable gross floor area (GFA) to 525,854 sq ft, a significant increase from its present GFA of 419,142 sq ft. Additionally, voluntary conservation would certainly also offer a higher maximum building elevation of 164m, up from the site’s current limitation of 145m.
Golden Mile Singapore is collectively developed by Perennial Holdings and Far East Company. The business units were released last December. The new household units, housed within a 45-storey tower, are anticipated to be released this quarter.
She adds that the redevelopment of Golden Mile Tower gives a chance to establish a brand-new mixed-use improvement in a prime place along Coastline Roadway. The building’s heritage and long term prospective make it an unique financial investment prospect for community and overseas clients.
URA has already proposed a proposition for the voluntary conservation of Golden Mile Tower in feedback to an overview application submitted by the cumulative sale committe of Golden Mile Tower. This would likely work if the 99-year leasehold growth is effectively offered in a collective sale and a developer intends to redevelop the real estate.
The most recent cumulative sale attempt by the owners of Golden Mile Tower occurred last August, with a reservation rate of $556 million. This was the 3rd en bloc attempt to offer and redevelop the 99-year leasehold development.
“The increase of the building’s height management under the voluntary preservation choices opens opportunities for developers to reimage the property with a striking skyline visibility. It also indicates that business and lodging areas in the brand-new development can feature 5m floor-to-ceiling elevations, while non commercial units could offer 3.6 m ceiling levels,” says Tan.
The consent for voluntary preservation of Golden Mile Tower is significant ever since the neighbouring Golden Mile Complex, currently brought back as Golden Mile Singapore, was gazetted for preservation in 2021.
“This is an uncommon opportunity to redevelop Golden Mile Tower in light of the minimal property source throughout Beach Roadway and price uplift due to rejuvenation initiatives like the release of Golden Mile Singapore and the adjoining Kallang Alive masterplan,” states Tan.
