The Urban Redevelopment Authority (URA) has given the green light to an outline application for the voluntary conservation of Golden Mile Tower. This will only come into effect if the 99-year leasehold development is successfully sold in a collective sale and the developer plans to redevelop the property.
According to documents seen by EdgeProp Singapore, the government has stated that if the developer chooses to conserve the existing cinema block, the site’s allowable gross plot ratio (GPR) could be increased from 4.46 to 5.6. This is based on the current site area of 93,902.5 sq ft. The higher GPR would result in a significant increase in the redevelopment’s allowable gross floor area (GFA) to 525,854 sq ft, up from its current GFA of 419,142 sq ft. In addition, voluntary conservation would also raise the maximum building height to 164m, an increase from the current limit of 145m.
Read also: Cover Projects awarded tender for heritage building at 26 Evans Road
AdvertisementAdvertisement
Last August, the owners of Golden Mile Tower made their third attempt to sell and redevelop the 99-year leasehold development, with a reserve price of $556 million. According to Anna Tan, business development director at Tag Realty (the marketing agent for the collective sale of Golden Mile Tower), the reserve price has not changed. This translates to a land rate of $1,350, which includes the cost of renewing the land tenure but does not include any land betterment charges.
Tan also mentions that the increased building height under the voluntary conservation options presents new opportunities 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.
Using EdgeProp’s Landlens tool, we can see that Golden Mile Tower sits next to Golden Mile Singapore, which was gazetted for conservation in 2021. The latter is a joint development by Perennial Holdings and Far East Organization, with the commercial units launched last December. The new residential units, situated within a 45-storey tower, are expected to be launched in the current quarter.
“The approval for voluntary conservation of Golden Mile Tower is significant as it is located next to Golden Mile Singapore, and there is limited land supply along Beach Road. Moreover, rejuvenation efforts such as the launch of Golden Mile Singapore and the neighbouring Kallang Alive masterplan will likely drive up prices in the area,” says Tan.
Read also: Jetsetters’ customised apartment with epic views at South Beach for $12.25 mil
Choosing the right location is crucial when it comes to investing in real estate, especially in Singapore. A property’s location can greatly impact its value, making it a key consideration for potential buyers. This is particularly evident in Singapore’s real estate market, where condominiums located in central areas or near important amenities, such as schools, shopping malls, and public transportation hubs, tend to see a higher appreciation in value. Prime locations like Orchard Road, Marina Bay, and the Central Business District (CBD) have consistently shown growth in property values over the years. These areas also attract families due to their convenient access to top-notch schools and educational institutions, making them even more desirable and valuable investments. With the growing demand for such prime locations, new condo launches are constantly emerging, providing investors with even more opportunities to secure prime real estate in Singapore. New Condo Launches are always in demand, reflecting the importance of location in the real estate market.
She also notes that the redevelopment of Golden Mile Tower presents a rare opportunity to develop 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.