Tan Boon Liat building seeks $1.15b in collective sale

It is located atop Havelock MRT Station on the Thomson-East Coast Line.

Tan Boon Liat Building, a 15-storey industrial warehouse and showroom at 315 Outram Road, has been put up for collective sale with a reserve price of $1.15b.

Cushman & Wakefield, the exclusive marketing agent, announced the public tender after owners holding at least 80% of the share value and strata area agreed to the sale.

The freehold site, located atop Havelock MRT Station on the Thomson-East Coast Line, spans 16,318.9 sq m (175,655 sq ft) across two land plots.

The Urban Redevelopment Authority (URA) issued an Outline Planning Advice on 22 January, allowing the current “Business 1” zoning with a 3.1 plot ratio to be rezoned to “Residential with Commercial at 1st storey” with a plot ratio of 4.9, increasing the allowable gross floor area (GFA) by 50%.

URA also advised that approximately 1,900 sq m of state land could be amalgamated with the main site, subject to final approval.

The total potential GFA, including the state land and bonus GFA entitlements, exceeds 98,049.87 sq m (1,055,399 sq ft).

The new development can include up to 1,500 sq m of commercial space on the first storey, and at least 15,000 sq m must be designated for serviced apartments with a minimum three-month stay.

The estimated land rate, factoring in land betterment charges and the 10% bonus GFA, is about $1,888 per sq ft per plot ratio.
Building heights for the redevelopment can range from 130m SHD to 180m SHD, allowing for a high-rise structure with 360-degree city views.

Cushman & Wakefield Senior Director of Capital Markets Christina Sim said demand for residential properties at the city fringe remains strong, supported by favourable credit conditions.

“Being freehold in tenure and located on the Thomson – East Coast line is also hugely advantageous. The biggest game changer, however, is the fact that there will not be any Additional Buyer’s Stamp Duty (ABSD) to be levied on the potential purchase as the original site has a ‘Business 1’ zoning,” Sim said in a statement.

The public tender for 315 Outram Road closes on 18 March, at 3:00 p.m.

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