Golden Mile Tower is set to undergo a transformation, with the Urban Redevelopment Authority (URA) approving an outline application for its voluntary conservation. This move will come into effect if the 99-year leasehold development is successfully sold in a collective sale, and the developer plans to redevelop the property.
According to documents obtained by EdgeProp Singapore, the government has indicated that if the developer chooses to conserve at least the existing cinema block, it could potentially increase the site’s allowable gross plot ratio (GPR) from 4.46 to 5.6, based on the current site area of 93,902.5 sq ft. This would also correspondingly increase the redevelopment’s allowable gross floor area (GFA) to 525,854 sq ft, a significant increase from its current GFA of 419,142 sq ft. Additionally, the voluntary conservation would also allow for a higher maximum building height of 164m, up from the site’s current limit of 145m.
The most recent attempt at a collective sale for Golden Mile Tower took place last August, with a reserve price of $556 million. This was the third en bloc attempt by the owners of the 99-year leasehold development to sell and redevelop the property.
Anna Tan, business development director at Tag Realty (the marketing agent for the collective sale of Golden Mile Tower), has stated that 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 factor in land betterment charges.
“The increase in building height control under the voluntary conservation option presents a great opportunity for developers to reimagine the property with a striking skyline presence. It also means that the new development’s commercial and hotel spaces 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 is especially significant, given that the neighbouring Golden Mile Complex, now restored as Golden Mile Singapore, was gazetted for conservation in 2021. Developed jointly by Perennial Holdings and Far East Organization, the commercial units of Golden Mile Singapore were launched last December. The new residential units, housed within a 45-storey tower, are expected to be launched this quarter.
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“This is a rare opportunity to redevelop Golden Mile Tower, given the limited land supply along Beach Road and the potential for price uplift due to rejuvenation efforts like 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 future potential make it a unique investment opportunity for both local and international investors.