Rare additional floor area incentives by URA to preserve Golden Mile Tower's iconic cinema block in the ongoing enbloc exercise at Golden Mile Complex

The owners of Golden Mile Tower on Beach Road have been offered additional gross floor area for its redevelopment if they preserve the iconic cinema block. This offer from the Urban Redevelopment Authority (URA) aligns with an ongoing collective sale exercise for the strata-titled development. The 18-storey office tower, atop a six-storey retail and carpark podium that houses the cinema block, is part of a broader conservation effort for large-scale strata-titled buildings.

URA has approved the redevelopment of Golden Mile Tower into a 48,871.2 sq m development if the cinema block is conserved, which translates to a 25% increase in gross floor area. Consequently, the collective sale exercise has been extended to Feb 12, 2024.

In its third collective sale attempt, Golden Mile Tower has a reserve price of $556 million. URA has proposed two options: fully redevelop the tower with a maximum height of 145m, or construct a 48,871.2 sq m development with a maximum height of 164m if the cinema block is preserved.

The new development may include commercial, hotel, and residential uses. URA stressed the importance of retaining the cinema block as a landmark reflecting the transformation of Beach Road.