The Urban Redevelopment Authority (URA) has given its approval for a template plan for the voluntary conservation of Golden Mile Tower. This is contingent on the successful sale of the 99-year leasehold property in a collective sale and the intention of the developer to redevelop the site.
According to documents cited by EdgeProp Singapore, the authorities have indicated that if the developer chooses to retain the existing cinema block as a conservation area, they may be allowed to increase the site’s gross plot ratio (GPR) from 4.46 to 5.6, based on the current land area of 93,902.5 sq ft. This would result in a higher gross floor area (GFA) of 525,854 sq ft, a considerable increase from the current GFA of 419,142 sq ft. Additionally, voluntary conservation would also grant the developer a higher maximum building height of 164m, compared to the current limit of 145m.
Read also: Cover Projects awarded tender for heritage building at 26 Evans Road AdvertisementAdvertisementThe latest collective sale attempt for Golden Mile Tower was in August last year, with an asking price of $556 million. This was the third en bloc attempt by the owners of the 99-year leasehold development.
Anna Tan, business development director at Tag Realty, the marketing agent for the collective sale of Golden Mile Tower, confirms that the reserve price for the 99-year leasehold development remains unchanged. This translates to a land rate of $1,350 per sq ft, which includes the cost of renewing the land tenure but not land betterment charges.
“By allowing for an increase in the building’s height limit under the voluntary conservation options, developers now have the opportunity to create a distinctive presence in the skyline with the reimagined property. This also opens up options for 5m floor-to-ceiling heights for commercial and hotel spaces, and 3.6m ceiling heights for residential units,” says Tan.
According to EdgeProp’s Landlens tool, Golden Mile Tower is situated next to Golden Mile Singapore, which was recently restored and gazetted for conservation in 2021. Developed jointly by Perennial Holdings and Far East Organization, the commercial units were launched in December last year. The new residential units, located in a 45-storey tower, are expected to hit the market this quarter.
“This is a rare opportunity to redevelop Golden Mile Tower in view of the limited land supply along Beach Road, and the value appreciation due to ongoing rejuvenation efforts such as the launch of Golden Mile Singapore and the nearby Kallang Alive master plan,” says Tan.
Read also: Jetsetters’ customised apartment with epic views at South Beach for $12.25 million AdvertisementAdvertisementShe 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. Its heritage value and potential for future growth make it a unique investment opportunity for both local and international investors.