Golden Mile Complex gazetted with "refined" incentives from URA

Published Fri, Oct 22, 2021 · 05:05 PM

THE Urban Redevelopment Authority (URA) has "refined" the incentives that come alongside the conservation of Golden Mile Complex.

With Golden Mile Complex now gazetted as a conserved building, it will be the first modern, large-scale strata-title development conserved in Singapore.

This was announced on Minister for National Development Desmond Lee's Facebook page on Friday (Oct 22).

Last year, URA had proposed to conserve the building, accompanied by a "significant" incentive package to make development options for the site more attractive to potential buyers.

"Over the past year, URA has refined the incentives, taking in the owners' feedback," said Lee in video remarks.

He said the development potential of the site is increased with conservation.

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The developer will be able to build a new tower block about 30-stories high, beside the main building. The site boundary may also be extended to include part of the adjacent state land, for more design flexibility.

A tax incentive will also be provided, which will lower development costs. This tax will be fully waived for the conserved floor area, and partly waived on the new floor area. There are other incentives on the table, he added, without going into details.

"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," Lee said.

Completed in 1973, Golden Mile Complex was one of the first large mixed-use developments in Singapore to integrate commercial, recreational and residential uses in a single building.

Its conservation guidelines include keeping its signature stepped terraces atop the podium facing Nicoll Highway and plinth-like profile on the side facing Beach Road.

The 16-storey building had undergone two unsuccessful collective sales, both times at S$800 million. Both tenders closed with no bids.