Tan Boon Liat Building sold to Kingsford Group for $950m

The deal is likely the largest collective sale this year, said Cushman & Wakefield.

Tan Boon Liat Building, a freehold 15-storey industrial warehouse, has been sold en bloc to Kingsford Havelock Pte Ltd, a unit of Kingsford Group, for $950m.

The transaction is likely Singapore’s largest collective sale so far this year, said Cushman & Wakefield, the property’s exclusive adviser and marketing agent.

The property was relaunched for public tender after owners representing over 80% of its strata area and share value agreed to lower the reserve to $1b.

The Urban Redevelopment Authority (URA) said in outline planning advice issued in January 2025 that it would support rezoning the site from “Business 1” to “Residential with Commercial at the 1st storey.”

The proposed redevelopment would have a plot ratio of 4.9, up from 3.1, increasing the site’s allowable gross floor area by about 50%.

URA also advised that several remnant state land parcels, with an estimated total area of 1,365 square metres (sq. m.), could be combined with the site. The land area is subject to a final survey by the relevant authorities.

A redevelopment could include up to 1,500 sq. m. of commercial gross floor area on the first storey, Cushman & Wakefield said. The prescribed building heights range from 130 to 180 metres Singapore Height Datum, potentially allowing twin towers of up to 48 storeys.

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

Terra Law LLC acted as legal adviser for the collective sale.

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