Ura Approves Voluntary Conservation Golden Mile Tower%E2%80%99S Iconic Cinema Block
The Urban Redevelopment Authority (URA) has approved an outline application for the voluntary conservation of Golden Mile Tower, subject to the successful sale of the 99-year leasehold development through a collective sale and a developer’s plans to redevelop the property.
According to documents obtained by EdgeProp Singapore, the government has stated that if a developer chooses to conserve at least the existing cinema block, they may be eligible for an increase in the site’s gross plot ratio (GPR) from 4.46 to 5.6, based on the current site area of 93,902.5 sq ft.
This would lead to a larger allowable gross floor area (GFA) of 525,854 sq ft for the redevelopment, a significant increase from its current GFA of 419,142 sq ft. In addition, the voluntary conservation would also allow for a higher maximum building height of 164m, up from the existing limit of 145m.
The most recent attempt to sell Golden Mile Tower through a collective sale was in August of last year, with a reserve price of $556 million. This was the third time the owners had tried to sell and redevelop the 99-year leasehold development.
According to Anna Tan, business development director at Tag Realty (the marketing agent for the collective sale of Golden Mile Tower), the reserve price for the 99-year leasehold development remains the same. This translates to a land rate of $1,350 per sq ft, which includes the cost of renewing the land tenure but does not factor in land betterment charges.
“The increase in building height limit under the voluntary conservation options presents opportunities for developers to reimagine the property with a striking skyline presence. It also means that commercial and hotel spaces in the new development could feature 5m floor-to-ceiling heights, while residential units could offer 3.6m ceiling heights,” says Tan.
The approval for voluntary conservation of Golden Mile Tower holds significance as the neighbouring Golden Mile Complex, now known as Golden Mile Singapore, was gazetted for conservation in 2019.
Golden Mile Singapore, jointly developed by Perennial Holdings and Far East Organization, launched its commercial units last December. The new residential units, located within a 45-storey tower, are expected to be launched in the current quarter.
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“This presents a rare opportunity to redevelop Golden Mile Tower, given the limited land supply along Beach Road and the price uplift it could see due to rejuvenation efforts such as the launch of Golden Mile Singapore and the neighbouring Kallang Alive masterplan,” says Tan.
She adds that the redevelopment of Golden Mile Tower presents an opportunity to create a new mixed-use development in a prime location along Beach Road. The building’s heritage and potential make it a unique investment opportunity for both local and international investors.