URA Greenlights Voluntary Conservation of Golden Mile Tower in Preparation for Collective Sale
The Urban Redevelopment Authority (URA) has given the go-ahead for the voluntary conservation of Golden Mile Tower. This move is in anticipation of the successful collective sale of the 99-year leasehold development and the subsequent redevelopment by a developer.
Documents obtained by EdgeProp Singapore show that the government has indicated that if the developer chooses to conserve at least the existing cinema block, the site’s permissible gross plot ratio (GPR) could be increased to 5.6 from the current 4.46. This would result in a higher gross floor area (GFA) of 525,854 sq ft, a significant increase from the current 419,142 sq ft. In addition, voluntary conservation would also allow for a higher maximum building height of 164m, compared to the current limit of 145m for the site.
The most recent collective sale attempt for Golden Mile Tower was in August last year, with a reserve price of $556 million. This was the third en bloc 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 99-year leasehold development remains unchanged. This translates to a land rate of $1,350 per sq ft, including the cost of land tenure renewal, but not taking into account land betterment charges.
“The increase in building height allowed under the voluntary conservation options opens up possibilities for developers to reimagine the property with a striking skyline presence. It also means that commercial and hotel spaces in the new development 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 significant, as the neighboring Golden Mile Complex, now restored as Golden Mile Singapore, was gazetted for conservation in 2021. Golden Mile Singapore is jointly developed by Perennial Holdings and Far East Organization, with its commercial units launched last December. The new residential units within the 45-storey tower are expected to be launched this quarter.
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“This presents a rare opportunity to redevelop Golden Mile Tower, given the limited land supply along Beach Road and the potential price appreciation due to ongoing rejuvenation efforts, such as the launch of Golden Mile Singapore and the neighboring Kallang Alive masterplan,” adds Tan.
She further notes that the redevelopment of Golden Mile Tower offers an opportunity to create a new mixed-use development in a prime location along Beach Road. The building’s heritage and potential for the future make it a unique investment opportunity for both local and international investors.