Singapore’s biggest en bloc sale of 2026 sees Tan Boon Liat Building sold for S$950 million

SINGAPORE: Tan Boon Liat Building has been sold in a collective sale to Kingsford Havelock Pte Ltd, a unit of Kingsford Group, for S$950 million, in what is expected to be Singapore’s largest en bloc transaction so far this year.

Cushman & Wakefield, which acted as the property’s exclusive adviser and marketing agent, said the deal marks the biggest collective sale completed in 2026 to date.

The 15-storey freehold industrial warehouse and showroom building at 315 Outram Road occupies two land parcels above Havelock MRT station on the Thomson-East Coast Line, near the junction of Outram and Zion roads.

The sale comes after an earlier attempt to secure a buyer fell short, despite the freehold tenure and the fact that there was no Additional Buyer’s Stamp Duty (ABSD) to be levied as the original site has a ‘Business 1’ zoning.

The property was first launched for collective sale about a year ago with an asking price of S$1.15 billion, but no deal was reached. It was subsequently relaunched for public tender this year after owners representing more than 80 per cent of the strata area and share value agreed to reduce the reserve price to S$1 billion.

The site’s redevelopment potential has been strengthened by planning guidance issued by the Urban Redevelopment Authority (URA). In outline planning advice released in January 2025, the authority indicated it would support rezoning the land from “Business 1” to “Residential with Commercial at the 1st storey”.

Under the proposed planning parameters, the plot ratio could be increased from 3.1 to 4.9, raising the site’s allowable gross floor area by around 50 per cent and significantly expanding its redevelopment capacity.

URA also advised that several adjoining remnant state land parcels, with an estimated combined area of 1,365 square metres, could potentially be amalgamated with the development site. The final land area will be subject to a survey by the relevant authorities.

According to Cushman & Wakefield, any future redevelopment could incorporate as much as 1,500 square metres of commercial gross floor area on the first storey. The prescribed building heights of between 130 and 180 metres Singapore Height Datum could accommodate twin residential towers rising up to 48 storeys.