SINGAPORE: Tan Boon Liat Building, a freehold industrial property at Outram Road, has been sold en bloc for S$950 million (US$756 million) to a unit of Kingsford Group.
This likely represents the largest collective sale transaction in Singapore so far this year, the property’s marketing agent Cushman & Wakefield said on Tuesday (Jul 21).
The buyer, Kingsford Havelock, secured the 15-storey warehouse and showroom building in a fresh public tender after more than 80 per cent of owners agreed to a reduced reserve price of S$1 billion.
The building was first launched for sale in February 2025, at a reserve price of S$1.15 billion.
The site, comprising two separate land lots, is known as a furniture hub. It sits above Havelock MRT station on the Thomson-East Coast Line, making it a prime location with significant redevelopment potential.
According to Cushman & Wakefield, the Urban Redevelopment Authority had indicated that the site could be rezoned from “Business 1” to “Residential with Commercial at the 1st storey”.
The proposed change would raise the plot ratio from 3.1 to 4.9, representing a 50 per cent increase in allowable gross floor area.
Planning parameters suggest the site could accommodate a development of up to 48 storeys, potentially comprising twin towers.
“By transforming an ageing industrial building into a compelling residential opportunity, we unlocked significant value for the stakeholders, culminating in an extraordinary uplift in the site’s value,” said Ms Christina Sim, senior director of Capital Markets, Singapore at Cushman & Wakefield.
“The site’s freehold tenure, coupled with the fact that the sale did not incur any ABSD (additional buyer’s stamp duty) due to its ‘Business 1’ zoning was also a game changer,” she added.
The sale is subject to approval by the Strata Titles Board.
It is also subject to the fulfilment of certain conditions and owners’ approval.
Mr Ashok Melwani, chairman of the Collective Sale Committee, said owners will be briefed at an upcoming extraordinary general meeting, to secure their mandate and support of the majority stakeholders.
