Completed in 1973, the 16-storey Golden Mile Complex is one of Singapore’s first high-rise mixed-use developments.
The Golden Mile Complex – one of Singapore’s first high-rise mixed-use developments – has been gazetted as a conserved building, reported Channel News Asia (CNA), citing Minister for National Development Desmond Lee.
The move made the 16-storey building the first modern, large-scale, strata-titled development to be conserved within the city-state.
Lee said the decision to conserve the iconic development “was not taken lightly”.
“In our small city-state, we have to steward our limited land carefully, balancing many competing needs – housing and social amenities, offices and factories, nature and greenery, and more,” said the Minister for National Development as quoted by CNA.
Completed in 1973, Golden Mile Complex is situated along Nicoll Highway and Beach Road. It is recognisable for its signature step-terraced façade.
In announcing the conservation, Lee acknowledged the collective sale plans of the owners of Golden Mile Complex and that some may consider the conservation a “constraint”.
The minister explained that URA had made efforts to ensure that the conservation did not undermine the collective sale efforts of the owners.
In fact, URA’s conservation proposal last year came with a “significant” incentive package to make the site’s development options more attractive to potential buyers.
He noted that the incentives had been refined to take into consideration the feedback of owners.
“The development potential of the site is increased with conservation. The developer will be able to build a new tower block about 30-storeys high, beside the main building,” said Lee as quoted by CNA.
“The site boundary may also be extended to include part of the adjacent state land, for more design flexibility.”
There will also be tax incentives, which include a full development charge waiver on the conserved floor area and a partial waiver on the bonus floor area.
The development’s lease tenure may also be renewed to a fresh 99-year lease, subject to the relevant agencies’ approval.
“The incentive package is unique to Golden Mile Complex, as its conservation is the first of its kind, another pioneering endeavour,” said Lee.
“We hope that developers will consider the potential of the site, alongside our vision to rejuvenate a national icon.”
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Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: cheryl@propertyguru.com.sg.
