Gov’t Tweaks Perks For Would-be Buyer Of Golden Mile Complex
SINGAPORE— Minister for National Development Desmond Lee announced in his Facebook page that the Urban Redevelopment Authority (URA) has improved the perks to be granted to the prospective buyer of the Golden Mile Complex, which has been gazetted for conservation, reported The Business Times on Saturday (23 October, SGT).
“Over the past year, URA has refined the incentives, taking in account the feedback of the current owners of Golden Mile Complex,” said Minister Lee in a video clip in his post.
For instance, the buyer of the mixed-use project will be permitted to construct a 30-storey tower beside the main building. To give the buyer more design flexibility, the site boundary may also be extended to encompass part of a neighbouring government-owned land plot.
Apart from other incentives being considered which Lee didn’t provide any details, the would-be buyer of the Golden Mile Complex will receive a tax incentive that will lower development costs. In particular, the tax will be partially waived for the new floor area and fully waived for the conserved floor area.
“The incentive package is unique to Golden Mile Complex, as its conservation is the first of its kind, another pioneering endeavour. We hope that developers will consider the potential of the site, alongside our vision to rejuvenate a national icon,” he added.
Completed in 1973, the Golden Mile Complex is the 1st contemporary, major strata-title project to be granted conservation status in the country. The 16-storey development contains residential, commercial, and recreational components in a single building.
In 2020, when the authorities proposed to conserve the development, it announced an incentive package to make it more appealing to would-be buyers looking to redevelop the site.
Its conservation guidelines include maintaining its plinth-like profile on the side fronting Beach Road as well as its iconic stepped terraces atop the podium facing Nicoll Highway.
Previously, the Golden Mile Complex underwent 2 failed en bloc sale attempts. The reserve price was set at S$800 million both times, and both tenders closed with zero bids received.