URA has given its approval for the voluntary conservation of Golden Mile Tower, which would only come into effect if the 99-year leasehold development is successfully sold in a collective sale and a developer chooses to redevelop the property.
In line with documents obtained by EdgeProp Singapore, the government has communicated that if the developer decides to conserve the existing cinema block, the site’s allowable gross plot ratio (GPR) could potentially be increased from 4.46 to 5.6, based on the current site area of 93,902.5 sq ft. This would in turn 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, voluntary conservation would also see an increase in the maximum building height to 164m, surpassing the current limit of 145m.
The recent attempt at a collective sale of Golden Mile Tower, with a reserve price of $556 million, was unsuccessful. 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 reserve price for the development remains unchanged at $1,350 per sq ft of land, which includes the cost of land tenure renewal but does not factor in land betterment charges.
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Tan believes that the increase in building height options through the voluntary conservation scheme presents opportunities for developers to transform the property into a landmark structure in the city’s skyline. It also opens up the possibility of commercial and hotel spaces featuring higher floor-to-ceiling heights of 5m, while residential units could have 3.6m ceilings.
The approval for the voluntary conservation of Golden Mile Tower is significant as the neighbouring Golden Mile Complex, now restored as Golden Mile Singapore, was also recently gazetted for conservation in 2021. The latter is a joint development by Perennial Holdings and Far East Organization, with the commercial units launching last December. The new residential units, housed in a 45-storey tower, are expected to be launched this quarter.
According to Tan, the redevelopment of Golden Mile Tower is a rare opportunity to create a new mixed-use project in a prime location along Beach Road, given the limited land supply in the area and price uplift due to ongoing rejuvenation efforts such as the launch of Golden Mile Singapore and the neighbouring Kallang Alive masterplan. She adds that the unique heritage and potential of the building make it a promising investment opportunity for both local and international investors.