URA has given the green light for the voluntary conservation of Golden Mile Tower, which would be implemented if the 99-year leasehold property is successfully sold in a collective sale and redeveloped by a developer.
According to documents obtained by EdgeProp Singapore, the government has expressed that if the developer chooses to conserve the existing cinema block, the site’s allowable gross plot ratio (GPR) can be increased from 4.46 to 5.6, based on the current site area of 93,902.5 sq ft.
This increase in GPR will also result in a higher allowable gross floor area (GFA) of 525,854 sq ft, a substantial increase from the current GFA of 419,142 sq ft. In addition, voluntary conservation will also allow for a higher maximum building height of 164m, compared to the current limit of 145m.
Most recently, the owners of Golden Mile Tower attempted to sell the property en bloc in August last year, with a reserve price of $556 million. This was the third collective sale attempt in order to redevelop the 99-year leasehold property.
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 unchanged. This translates to a land rate of $1,350, which includes the cost of renewing the land tenure but does not include land betterment charges.
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“The increase in building height control under the voluntary conservation options opens up 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 the voluntary conservation of Golden Mile Tower is significant as the neighboring Golden Mile Complex, now restored as Golden Mile Singapore, was gazetted for conservation in 2021.
Golden Mile Singapore is a joint development by Perennial Holdings and Far East Organization, with the commercial units launched in December last year. The new residential units, located in a 45-storey tower, are expected to be launched this quarter.
“This is a rare opportunity to redevelop Golden Mile Tower in light of the limited land supply along Beach Road and the potential price increase due to rejuvenation efforts such as the launch of Golden Mile Singapore and the neighboring Kallang Alive masterplan,” says Tan.
She adds that the redevelopment of Golden Mile Tower presents an opportunity to develop a new mixed-use property in a prime location along Beach Road. The building’s heritage and future potential make it a unique investment opportunity for both local and international investors.