Golden Mile Tower will receive approval for voluntary conservation from URA if the 99-year leasehold development is sold successfully in a collective sale and a developer plans to redevelop the property. This decision was made after reviewing documents obtained by EdgeProp Singapore, indicating that the government is willing to increase the site’s allowable gross plot ratio (GPR) from 4.46 to 5.6, based on the existing site area of 93,902.5 sq ft, if the developer conserves at least the existing cinema block.
This would result in a higher gross floor area (GFA) of 525,854 sq ft, which is a significant increase from the current 419,142 sq ft. Additionally, voluntary conservation would allow for a higher maximum building height of 164m, up from the current limit of 145m.
The recent collective sale attempt by the owners of Golden Mile Tower was in August of last year, with a reserve price of $556 million. This was the third unsuccessful en bloc attempt to sell and redevelop the 99-year leasehold development.
Anna Tan, business development director at Tag Realty (the marketing agent for the collective sale of Golden Mile Tower), has stated that the reserve price remains the same and translates to a land rate of $1,350, which includes the cost of renewing the land tenure but does not include land betterment charges.
Tan also notes that the increase in building height allows for a striking skyline presence and potential for commercial and hotel spaces to have 5m floor-to-ceiling heights, while residential units could offer 3.6m ceiling heights.
This approval for voluntary conservation is significant as the neighboring Golden Mile Complex, now known as Golden Mile Singapore, was gazetted for conservation in 2021. Developed by Perennial Holdings and Far East Organization, the commercial units were launched in December of last year. The new residential units, located in a 45-storey tower, are expected to launch this quarter.
Tan believes this is a rare opportunity to redevelop Golden Mile Tower due to the limited land supply along Beach Road and the increased value from recent rejuvenation efforts including the launch of Golden Mile Singapore and the Kallang Alive masterplan.
The redevelopment of Golden Mile Tower offers a unique investment opportunity due to its heritage and future potential, making it appealing to both local and international investors. This prime location along Beach Road and its mixed-use development potential make it a highly desirable property.