Ura Approves Voluntary Conservation Golden Mile Tower%E2%80%99S Iconic Cinema Block
URA has given the green light to a proposal for the voluntary conservation of Golden Mile Tower, subject to the successful collective sale of the 99-year leasehold development and plans for its redevelopment.
According to sources familiar with the matter, URA has indicated that if a developer chooses to preserve the existing cinema block, the site’s gross plot ratio (GPR) may be increased from 4.46 to 5.6, based on the current site area of 93,902.5 sq ft. This would result in 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, an increase from the current limit of 145m.
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The most recent collective sale attempt by the owners of Golden Mile Tower was in August last year, with a reserve price of $556 million. This was the third en bloc attempt to sell and redevelop the leasehold development.
Anna Tan, business development director at Tag Realty (the marketing agent for the collective sale) reveals that the reserve price remains unchanged and translates to a land rate of $1,350 per sq ft, which includes the cost of renewing the land tenure but excludes land betterment charges.
“The increase in building height under the voluntary conservation option presents an opportunity for developers to reimagine the property with a striking skyline presence, featuring 5m floor-to-ceiling heights for commercial and hotel spaces, and 3.6m ceiling heights for residential units,” says Tan.
The approval for voluntary conservation is particularly significant as the neighbouring Golden Mile Complex, now restored as Golden Mile Singapore, was gazetted for conservation in 2017. Developed by Perennial Holdings and Far East Organization, the commercial units were launched last December and the new residential units in a 45-storey tower are expected to be launched this quarter.
According to Tan, the redevelopment of Golden Mile Tower is a rare chance to create a new mixed-use development in a prime location along Beach Road, with limited land supply and potential price appreciation from rejuvenation efforts such as the launch of Golden Mile Singapore and the neighbouring Kallang Alive masterplan.
She adds that the building’s heritage and future potential make it a unique investment opportunity for local and international investors.