The Urban Redevelopment Authority (URA) has given the green light for the potential conservation of Golden Mile Tower. This decision would take effect if the property, which has a 99-year lease, is successfully sold in a collective sale and the developer decides to redevelop it.
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According to documents from EdgeProp Singapore, the government has offered to increase 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, if the developer voluntarily conserves at least the existing cinema block. This would translate to a higher gross floor area (GFA) of 525,854 sq ft, a significant increase from the current GFA of 419,142 sq ft. Additionally, voluntary conservation would also allow for a maximum building height of 164m, up from the current limit of 145m.
The most recent attempt to sell Golden Mile Tower was in August 2020, with a reserve price of $556 million. This was the third collective sale attempt by the owners of 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 property remains unchanged. This equates to a land rate of $1,350, which includes the cost of renewing the land tenure but does not factor in land betterment charges.
Tan says that the increase in building height and options for voluntary conservation opens up opportunities for developers to reimagine the property with a striking skyline presence. This also means that commercial and hotel spaces in the new development could have floor-to-ceiling heights of 5m, while residential units could offer 3.6m ceiling heights.
The approval for the voluntary conservation of Golden Mile Tower is significant as its neighbor, Golden Mile Complex, was gazetted for conservation in 2021. Golden Mile Complex has been restored and rebranded as Golden Mile Singapore by its developers, Perennial Holdings and Far East Organization. Commercial units were launched last December, with residential units expected to be launched this quarter.
Tan adds that the redevelopment of Golden Mile Tower offers an opportunity to create a new mixed-use development in a prime location along Beach Road. Its heritage and potential make it a unique investment opportunity for both local and international investors. With limited land supply along Beach Road and the rejuvenation efforts in the area, such as the launch of Golden Mile Singapore and the neighboring Kallang Alive masterplan, the redevelopment of Golden Mile Tower is a rare opportunity.