- The Tan Boon Liat Building was sold to Kingsford Group for $950 million, making it the biggest en bloc deal this year by absolute price.
- The sale price of $950 million is about 5% lower than the $1 billion reserve price indicated in February.
- This is the second collective sale attempt by owners; the previous attempt in 2025 set a reserve of $1.15 billion.
- Owners' approval will be sought at an upcoming extraordinary general meeting (EGM), needing at least 80% approval.
- Kingsford's purchase follows its launch of a 499-unit condo in Lentor Hills and is part of its landbanking strategy.
- The deal also marks Kingsford's latest landbanking initiative.
- Previously, Kingsford had submitted unsuccessful bids for two GLS sites not far from Tan Boon Liat Building: River Valley Green Parcels B and C, which were tendered in February 2025 and June 2026.
Kingsford Group has purchased the Tan Boon Liat Building for $950 million, the largest en bloc sale in Singapore this year. The deal is contingent on owners' approval at an upcoming extraordinary general meeting (EGM), following a previous unsuccessful attempt to sell the property for $1.15 billion last year.12345
The 15-storey warehouse and showroom, located at 315 Outram Road, occupies approximately 141,048 sq ft and is adjacent to the Havelock MRT Station. The Urban Redevelopment Authority (URA) has indicated plans to rezone the site from 'Business 1' to 'Residential with Commercial at the 1st storey', allowing for a 50% uplift in total allowable gross floor area (GFA) with a new plot ratio of 4.9.
Cushman & Wakefield, the marketing agent, noted that the rezoning could enable the development of twin skyscrapers of up to 48 storeys. The sale price is approximately 5% lower than the previously indicated reserve price of $1 billion. Ashok Melwani, chairman of the Collective Sale Committee, emphasized the importance of securing majority stakeholder support to meet the 80% approval threshold required for the sale.
The deal also includes plans to amalgamate nearby remnant state land plots, totaling approximately 14,693 sq ft, subject to final survey. This acquisition marks Kingsford's latest landbanking initiative, following previous unsuccessful bids for nearby sites.78
“The $950 million price is about 5% lower than the $1 billion reserve set in February. This marks the second collective sale attempt, following a previous $1.15 billion reserve last year, and Kingsford's latest landbanking initiative after launching a 499-unit condo in Lentor Hills.”
AsiaOne
