The freehold Tan Boon Liat Building, a prominent industrial landmark in Singapore, has been sold en bloc to a unit of Kingsford Group for $950 million. According to Cushman & Wakefield, the exclusive marketing agent for the property, this transaction is expected to be the largest collective sale in Singapore for 2026.
The 15-storey building, located at the intersection of Outram Road and Zion Road, was initially launched for collective sale in February 2025 with a reserve price of $1.15 billion. Following a lack of successful bids, the property was relaunched in February 2026 at a reduced reserve price of $1 billion. The final sale price of $950 million represents a 5 per cent discount to the revised reserve price.
The redevelopment potential of the site is significant due to a strategic rezoning decision by the Urban Redevelopment Authority (URA). The current “Business 1” zoning is set to be transitioned to “residential with commercial on the first storey,” with the plot ratio increasing from 3.1 to 4.9. This change provides a 50 per cent uplift in total allowable gross floor area. Planning parameters indicate that the site could support a landmark development featuring twin skyscrapers of up to 48 storeys.
The sale remains subject to several conditions, including approval from at least 80 per cent of the development’s share value and strata area. Owners are scheduled to be briefed on the transaction terms at an upcoming extraordinary general meeting, with final approval required from the Strata Titles Boards.