More leeway for developers if they conserve iconic Golden Mile Complex, Latest Business News - The New Paper

More leeway for developers if they conserve iconic Golden Mile Complex

This article is more than 12 months old

Developers will now have more leeway to develop the famous Golden Mile Complex site but its landmark main building must be retained.

The new guidelines from the Urban Redevelopment Authority (URA) yesterday will make the site, which is up for a collective sale, more attractive, said analysts.

A collective sale of a largely conserved building like Golden Mile is unprecedented here and one seen as a tall order given the restraints that developers would face.

But URA advice yesterday said that a developer could erect an additional building next to the 16-storey conserved block, which would significantly increase its rental space.

Golden Mile Complex was completed in 1973 and regarded as a landmark building. It is known for its iconic step-terraced feature.

The block, which has 49 years left on its lease, launched a collective sale in October last year at a reserve price of $800 million. The tender closes at 3pm on Jan 30.

Marketing agent Edmund Tie & Company saidthat the URA announcement yesterday was in response to its outline application submitted in August last year to retain the existing Golden Mile Complex and to add a new block next to it.

"There is no plot ratio in the masterplan for Golden Mile Complex. As such, we filed an outline application to test planning parameters such as plot ratio and building height," Edmund Tie senior director of investment advisory Swee Shou Fern told The Straits Times yesterday.

Savills Singapore research head Alan Cheong noted that the URA's advice on planning parameters helps improve the saleability of the site because developers now know what they are getting into, or how much they can build.

"That's critical because the GFA determines how much the developer can sell or rent."

The 718-unit commercial building sits on a 1.3ha land area and may be developed as an integrated development with retail, office, residential, serviced apartments and hotels. - THE STRAITS TIMES