- Tan Boon Liat Building has been sold en bloc to Kingsford Havelock, a unit of Kingsford Group, for $950 million in July 2025.
- The sale is likely Singapore's largest collective sale transaction so far this year, according to Cushman & Wakefield.
- Public tender for the property was launched in February 2025 after over 80% of owners agreed to a reduced reserve price of $1 billion.
- In January 2025, the Urban Redevelopment Authority (URA) advised rezoning the site from Business 1 to Residential with Commercial at the first storey, increasing the plot ratio from 3.1 to 4.9.
- The site is located at 315 Outram Road and sits above Havelock MRT Station, making it a prime location for redevelopment.
The Tan Boon Liat Building, a freehold 15-storey industrial warehouse located at 315 Outram Road, has been sold en bloc for S$950 million (US$756 million) to Kingsford Havelock Pte Ltd, a unit of Kingsford Group. This sale is noted as Singapore's largest collective sale transaction so far this year, according to Cushman & Wakefield, the exclusive advisor and marketing agent for the property.125
The property was relaunched for public tender after owners representing over 80% of its strata area and share value agreed to a reduced reserve price of S$1 billion. The site, which comprises two separate land lots, is strategically located above Havelock MRT station on the Thomson-East Coast Line, enhancing its redevelopment potential.3
The Urban Redevelopment Authority (URA) has indicated support for rezoning the site from “Business 1” to “Residential with Commercial at the 1st storey,” which would increase the plot ratio from 3.1 to 4.9, representing a 50% increase in allowable gross floor area. This change could allow for a development of up to 48 storeys, potentially comprising twin towers.4
Christina Sim, senior director of capital markets at Cushman & Wakefield, stated, “By transforming an aging industrial building into a compelling residential opportunity, we unlocked significant value for the stakeholders.” The sale is subject to approval by the Strata Titles Board and certain conditions.
Ashok Melwani, chairman of the collective sale committee, mentioned that owners will be briefed at an upcoming extraordinary general meeting to secure majority support for the sale.
“The Urban Redevelopment Authority indicated the site could be rezoned from Business 1 to Residential with Commercial at 1st storey, raising the plot ratio from 3.1 to 4.9, a 50% increase in allowable gross floor area. The sale is subject to Strata Titles Board approval, and owners will be briefed at an upcoming extraordinary general meeting by committee chairman Ashok Melwani.”
