URA suggests voluntary conservation of Golden Mile Tower’s iconic cinema block

The most recent cumulative sale attempt by the owners of Golden Mile Tower happened last August, with a reserve rate of $556 million. This was the 3rd en bloc try to market and redevelop the 99-year leasehold development.

“The increase of the structure’s elevation management under the voluntary preservation choices opens up possibilities for property developers to reimage the real estate with an impressive sky line existence. It also suggests that commercial and lodging areas in the brand-new development could include 5m floor-to-ceiling heights, while non commercial units could offer 3.6 m ceiling levels,” claims Tan.

“This is an unusual opportunity to redevelop Golden Mile Tower in light of the restricted real estate supply along Beach Road and rate uplift due to rejuvenation efforts like the start of Golden Mile Singapore and the neighbouring Kallang Alive masterplan,” states Tan.

The greater GPR would similarly increase the redevelopment’s allowable gross floor area (GFA) to 525,854 sq ft, a significant boost from its current GFA of 419,142 sq ft. In addition, optional preservation would certainly likewise provide a higher optimum building height of 164m, up from the site’s current limitation of 145m.

The Continuum condo

She adds that the redevelopment of Golden Mile Tower gives a chance to create a brand-new mixed-use improvement in a prime area near Coastline Road. The structure’s heritage and future potential make it a distinct investment opportunity for community and international clients.

The consent for voluntary conservation of Golden Mile Tower is significant since the neighbouring Golden Mile Complex, currently recovered as Golden Mile Singapore, was gazetted for conservation in 2021.

According to reports found by EdgeProp Singapore, the government has shown that if a builder willingly preserves at least the existing cinema block, it would certainly think about raising the location’s allowable gross plot ratio (GPR) from 4.46 to 5.6, based on the remaining place area of 93,902.5 sq ft.

URA has proposed a proposition for the optional preservation of Golden Mile Tower in feedback to an overview application sent by the cumulative sale committe of Golden Mile Tower. This would likely take effect if the 99-year leasehold development is effectively marketed in a cumulative sale and a developer intends to redevelop the real property.

Golden Mile Singapore is jointly developed by Perennial Holdings and Far East Company. The business units were introduced last December. The brand-new non commercial units, housed within a 45-storey tower, are anticipated to be introduced this quarter.

According to Anna Tan, firm development director at Tag Realty (the advertising and marketing representative for the cumulative sale of Golden Mile Tower), the reserve rate of the 99-year leasehold project remains unmodified. This equates to a land price of $1,350, that includes the expense of restoring the land period however does not factor in land improvement costs.


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