URA suggests voluntary conservation of Golden Mile Tower’s iconic cinema block
According to Anna Tan, firm development supervisor at Tag Real estate (the marketing agent for the cumulative sale of Golden Mile Tower), the reserve rate of the 99-year leasehold project stays unchanged. This translates to a land fee of $1,350, that includes the expense of renewing the land tenure but does not factor in land betterment charges.
Golden Mile Singapore is jointly established by Perennial Holdings and Far East Organization. The commercial units were launched last December. The new non commercial units, housed within a 45-storey tower, are anticipated to be released this quarter.
One of the most current collective sale attempt by the owners of Golden Mile Tower took place last August, with a reservation cost of $556 million. This was the 3rd en bloc try to offer and redevelop the 99-year leasehold development.
“This is an uncommon possibility to redevelop Golden Mile Tower in light of the restricted real estate supply along Beach Road and price uplift due to rejuvenation initiatives like the start of Golden Mile Singapore and the neighbouring Kallang Alive masterplan,” says Tan.
According to documents seen by EdgeProp Singapore, the government has shown that if a property developer voluntarily preserves at the very least the existing movie theater block, it would certainly take into consideration improving the site’s allowable gross plot ratio (GPR) from 4.46 to 5.6, based upon the existing place area of 93,902.5 sq ft.
She includes that the redevelopment of Golden Mile Tower provides a chance to develop a brand-new mixed-use development in a prime location along Beach Road. The establishment’s heritage and future potential make it an unique financial investment option for local and overseas clients.
The consent for voluntary preservation of Golden Mile Tower is substantial ever since the neighbouring Golden Mile Complex, now restored as Golden Mile Singapore, was gazetted for preservation in 2021.
The higher GPR would correspondingly enhance the redevelopment’s allowed gross floor area (GFA) to 525,854 sq ft, a significant increase from its current GFA of 419,142 sq ft. On top of that, optional conservation would likewise provide a greater optimum structure elevation of 164m, up from the site’s present limit of 145m.
“The boost of the structure’s height control under the voluntary conservation choices opens up possibilities for property developers to reimage the real estate with an attractive sky line visibility. It additionally suggests that commercial and resort areas in the new development could include 5m floor-to-ceiling elevations, while non commercial units might provide 3.6 m ceiling heights,” says Tan.
URA has already proposed a recommendation for the optional management of Golden Mile Tower in feedback to an overview application sent by the cumulative sale committe of Golden Mile Tower. This would likely happen if the 99-year leasehold advancement is successfully sold in a combined sale and a developer prepares to redevelop the real estate.
