The Urban Redevelopment Authority (URA) has made a unique proposal to the owners of Golden Mile Tower, offering bonus gross floor area (GFA) if the building’s cinema block is preserved. This comes as part of the collective sale efforts for the iconic development located along Beach Road.
Golden Mile Tower, an 18-storey office building with a six-storey retail podium that houses the cinema, has been put up for sale several times in recent years. With its rich heritage and strategic location, it has captured attention as a landmark property in Singapore’s urban landscape.
Conservation Meets Redevelopment
The URA’s proposal is a balance between conservation and redevelopment. Owners can choose between two options:
Redevelop the site completely with a cap on the GFA at its current 38,953.72 sqm.
Develop a larger, taller project at 48,871.2 sqm, with the condition that the cinema block is preserved.
If the latter option is chosen, the new development could reach a maximum height of 164m, compared to 145m for the first option. This allows developers the opportunity to reimagine the site while retaining its historical essence.
The cinema block, with its distinctive facade, is seen as a vital part of Beach Road’s identity and history. Built in the 1970s, the space housed the iconic Golden Theatre, once among the largest cinemas in Singapore. Today, it’s home to The Projector, a popular indie cinema that has breathed new life into the building.
Collective Sale with Extended Deadline
Golden Mile Tower is currently undergoing its third collective sale attempt. Initially set to close on Dec 31, 2024, the sale deadline has been extended to Feb 12, 2025, following the URA’s latest proposal. The reserve price stands at $556 million, lower than previous attempts in 2022 and 2023.
Despite these incentives, conservation may still be a challenge. Developers will need to assess refurbishment costs and weigh them against potential returns. Owners, too, need to temper expectations, as incentives alone may not guarantee windfall profits.
A Heritage Worth Preserving
Golden Mile Tower is more than just a building—it’s a symbol of Singapore’s post-independence urban planning. Along with the conserved Golden Mile Complex, it forms part of the “Golden Mile,” a 1960s vision of modern architecture and urban rejuvenation.
Heritage experts have praised URA’s approach. By preserving the cinema block, the project retains a space that holds deep social and cultural significance. This aligns with Singapore’s efforts to celebrate its architectural history while still evolving its urban landscape.
Whether the cinema block remains part of Golden Mile Tower’s next chapter will depend on the willingness of developers and owners to embrace conservation. Regardless, the URA’s incentives provide an opportunity to blend heritage with progress—an outcome that could benefit the Beach Road district for years to come.
For those interested in investing in properties with a unique blend of history and redevelopment potential, Golden Mile Tower presents a rare opportunity. Keep an eye on how this project unfolds as it represents the delicate balance between Singapore’s past and future.