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URA suggests voluntary conservation of Golden Mile Tower’s iconic cinema block

/ EdgeProp Singapore |

January 6, 2025 4:22 PM SGT

The most recent collective sale attempt by the owners of Golden Mile Tower took place last August, with a reserve price of $556 million. (Picture: Samuel Isaac Chua/The Edge Singapore)

URA has put forward a suggestion for the voluntary conservation of Golden Mile Tower in response to an outline application submitted by the collective sale committe of Golden Mile Tower. This would take effect if the 99-year leasehold development is successfully sold in a collective sale and a developer plans to redevelop the property.

According to documents seen by EdgeProp Singapore, the government has indicated that if a developer voluntarily conserves at least the existing cinema block, it would consider increasing 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.

The higher GPR would correspondingly increase the redevelopment's allowable gross floor area (GFA) to 525,854 sq ft, a substantial boost from its current GFA of 419,142 sq ft. In addition, voluntary conservation would also grant a higher maximum building height of 164m, up from the site's current limit of 145m.

The most recent collective sale attempt by the owners of Golden Mile Tower took place last August, with a reserve price of $556 million. This was the third en bloc attempt to sell and redevelop 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 of the 99-year leasehold development remains unchanged. This translates to a land rate of $1,350, which includes the cost of renewing the land tenure but does not factor in land betterment charges.

“The increase of the building’s height control under the voluntary conservation options opens opportunities for developers to reimage 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.

Golden Mile Tower, as seen through EdgeProp's Landlens tool. (Map: EdgeProp Singapore)

The approval for voluntary conservation of Golden Mile Tower is significant since the neighbouring 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. The commercial units were launched last December. The new residential units, housed within a 45-storey tower, are expected to be launched this quarter.

“This is a rare opportunity to redevelop Golden Mile Tower in light of the limited land supply along Beach Road and price uplift due to rejuvenation efforts like the launch of Golden Mile Singapore and the neighbouring Kallang Alive masterplan,” says Tan.

She adds that the redevelopment of Golden Mile Tower offers an opportunity to develop a new mixed-use development in a prime location along Beach Road. The building’s heritage and future potential make it a unique investment opportunity for local and international investors.

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