In fact, it’s now conserved.
Everything About Golden Mile Complex Being Gazetted as Conserved Building
The popular 16-storey “typewriter” building is part of the 7,200 buildings that are conserved in Singapore.
Built in the 1970s, Golden Mile Complex was one of the first high-rise mixed-use developments in Singapore. In essence, it’s one of the first buildings to mix commercial and residential use.
That also means that the complex only has about 47 years left on its lease.
Golden Mile Complex is one of the first modern large-scale, strata-titled development to be conserved in Singapore.
This decision comes after two unsuccessful collective sales where the tenders closed with no bids. The price tag was at S$800 million each time. A two-year study was also conducted to finalise the decision.
Just like everything else in our lives, if we can’t sell them, we save part of them.
Golden Mile Complex Conservation Decision
The famous “typewriter” area of the building will be conserved.
However, the carpark and abandoned pool next to the “typewriter” will not be conserved. Instead, it can be redeveloped into a 30-storey residential tower.
The good news is that the site-boundary is not restricted to the tiny area of the abandoned pool and carpark. It may also be extended to include part of the adjacent state land.
The new “Golden Mile Complex” and the potential residential building may serve a new purpose for Singapore as they are open to adapting the building for a mix of possible uses.
That means in the future, you may not buy your mangoes from there.
Some of the Owners Are Concerned
As expected, some of the owners are concerned about the conservation. By concerned, I mean they wanted to use the money from the collective sale to retire happily. Thus, conserving the building is a constraint to them.
Another concern they have is since the building is 48 years old, lots of maintenance will be required. As with everything in Singapore, maintenance meant the loss of income.
Additionally, if a building is conserved, the developers have to abide by the conservation guidelines to retain the stepped terraces.
Incentives for Golden Mile Complex
The Urban Redevelopment Authority (URA) understand these concerns and provided lots of incentives to rejuvenate the building:
- One-third increase in floor area over the existing development
- Tax will be fully waived for the conserved floor area
- Tax will be partially waived on the additional floor area
- The lease will be renewed to a fresh 99-year lease
These incentives are unique to Golden Mile Complex.
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