The Urban Redevelopment Authority (URA) has given its approval for a proposal to voluntarily conserve Golden Mile Tower. This would only take effect if the 99-year leasehold development is successfully sold in a collective sale and a developer plans to redevelop the property.
Based on documents that EdgeProp Singapore has obtained, the government has stated that if a developer agrees to conserve the existing cinema block, they may consider increasing the site’s allowable Gross Plot Ratio (GPR) from 4.46 to 5.6, taking into account the current site area of 93,902.5 square feet.
This would also result in the redevelopment being allowed a greater Gross Floor Area (GFA) of 525,854 square feet, a significant increase from the current GFA of 419,142 square feet. Furthermore, the voluntary conservation plan would also permit a higher maximum building height of 164 meters, which is higher than the current limit of 145 meters for the site.
EdgeProp Singapore has learned that Cover Projects has been awarded the tender for a heritage building at 26 Evans Road the most recent collective sale attempt for Golden Mile Tower happened in August last year, with an asking price of $556 million. This was the owners’ third attempt to sell and redevelop the 99-year leasehold development.
According to Anna Tan, the Business Development Director at Tag Realty which is the marketing agent for the collective sale of Golden Mile Tower, the asking price for the 99-year leasehold development remains the same. This works out to a land rate of $1,350, which includes the cost of renewing the land tenure, but it does not include the land betterment charges.
“The increase in the building’s height control under the voluntary conservation options presents an opportunity for developers to reimagine the property with a striking skyline presence. This also means that the new development can feature commercial and hotel spaces with 5m floor-to-ceiling heights, while residential units can offer 3.6m ceiling heights,” says Tan.
When using EdgeProp’s Landlens tool, Golden Mile Tower can be seen clearly. (Map: EdgeProp Singapore)
The approval for voluntarily conserving Golden Mile Tower is significant because its neighboring Golden Mile Complex, now known as Golden Mile Singapore, has already been gazetted for conservation in 2021. Golden Mile Singapore is a joint development by Perennial Holdings and Far East Organization. The commercial units were launched last December, and the new residential units, which will be housed within a 45-story tower, are expected to be launched in the current quarter.
“This is a rare opportunity to redevelop Golden Mile Tower given the limited land supply along Beach Road and the potential increase in property values due to recent rejuvenation efforts such as the launch of Golden Mile Singapore and the upcoming Kallang Alive masterplan,” says Tan.
She adds that the redevelopment of Golden Mile Tower presents the opportunity to create a new mixed-use development in a prime location along Beach Road. The property’s rich heritage and future potential make it a unique investment opportunity for both local and international investors.
Investing in real estate is a strategic decision, and location plays an essential role in its success. This is particularly true in Singapore, where the right location can significantly impact the value of a property. Condominiums situated in central areas or close to important amenities like schools, shopping centers, and public transportation hubs have shown a higher appreciation in value. Some prime locations in Singapore, such as Orchard Road, Marina Bay, and the Central Business District (CBD), have consistently seen an increase in property values. Families also prefer condos in these areas due to their proximity to reputable schools and educational institutions, making them even more attractive investments. For more information on real estate investment opportunities in Singapore, check out Singapore Projects.