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

Tan Boon Liat Building, a freehold industrial property in Outram, has been sold en bloc to a Kingsford Group unit for $950 million.

The latest collective sale tender was launched after more than 80 per cent of owners agreed to a reduced reserve price of $1 billion. The tender closed on May 12.

The sale price is 5 per cent below the $1 billion reserve price. 

The building was first launched for collective sale in February 2025 with a reserve price of $1.15 billion. A fresh tender was later called at the lower reserve price.

Cushman & Wakefield, the property's marketing agent, said in a statement on Tuesday (July 21) that the deal likely represents the largest collective sale transaction in Singapore this year.

The biggest collective sale on record is Farrer Court, a privatised HUDC estate which sold for $1.339 billion in 2007.

Kingsford Havelock, a unit of Kingsford Group, secured the 15-storey warehouse and showroom in a deal that is subject to owners' approval at an upcoming extraordinary general meeting.

Ashok Melwani, chairman of the collective sale committee, said in a statement that owners will be briefed at the meeting, and that it is important to secure the mandate and support of majority stakeholders. 

According to Cushman and Wakefield posting in February, the Urban Redevelopment Authority had indicated that the site could be rezoned from "Business 1" to "Residential with Commercial at the 1st storey". 

The plot ratio of 4.9, up from 3.1, represents a "massive 50 per cent uplift" in the total allowable gross floor area, said the firm in its post.

URA also advised that a few remnant state land plots nearby be amalgamated with the site. Subject to final survey, these state land lots are estimated to total approximately 14,693 sq ft. 

A maximum of 1,500 sqm of commercial gross floor area (GFA) can be supported on the first storey of the new development.  

The prescribed heights for the new development can range from 130m Singapore Height Datum (SHD) to 180m SHD, allowing for a landmark project with twin skyscrapers of up to 48 storeys.

The deal is also subject to approval by the Strata Titles Board.

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