Tan Boon Liat Building SOLD – 2026’s Biggest En Bloc Deal

Singapore’s Largest Collective Sale of the Year Could Transform the Havelock and Zion Road District

Singapore’s collective sale market has witnessed one of its biggest milestones of the year as Tan Boon Liat Building has been sold en bloc to a unit of Kingsford Group for S$950 million, subject to the fulfilment of several conditions and approval from eligible owners.

The landmark transaction is widely regarded as the largest collective sale in Singapore so far this year and reflects renewed confidence in prime redevelopment opportunities despite a cautious property market.

Located at the prominent intersection of Outram Road and Zion Road, Tan Boon Liat Building has long been recognised as one of Singapore’s best known industrial showroom and warehouse developments.

With plans for potential rezoning and significantly higher development intensity, the sale marks the beginning of what could become one of the city’s most exciting residential transformation projects.

The S$950 million acquisition represents a major investment by Kingsford Group into one of Singapore’s most strategically located freehold redevelopment sites.

According to marketing agent Cushman and Wakefield, the transaction remains conditional upon obtaining support from owners representing at least 80 percent of the property’s share value and strata area.

An Extraordinary General Meeting will be held to brief owners before the transaction proceeds further.

This deal highlights the continued appeal of well-located redevelopment sites, particularly those with strong planning potential and proximity to the city centre.

Largest Collective Sale in Singapore This Year

Industry observers believe the acquisition is likely the largest collective sale transaction completed in Singapore this year.

The scale of the purchase demonstrates that developers remain willing to commit significant capital when exceptional redevelopment opportunities become available.

Several factors make this transaction especially noteworthy.

✨ Freehold land ownership in a prime city fringe location

✨ Significant redevelopment potential through URA planning changes

✨ Strong residential demand within the surrounding Havelock neighbourhood

✨ Opportunity to create a landmark mixed use residential development

As Singapore’s land supply remains limited, large freehold sites continue attracting considerable attention from major developers seeking long term growth opportunities.

Why the Sale Price Was Lower Than Earlier Reserve Prices

The successful transaction came after multiple attempts to market the property.

Tan Boon Liat Building first became available for collective sale in February 2025, with owners seeking S$1.15 billion for the prominent freehold property.

Although the site generated market interest, no buyer emerged before the tender closed.

Recognising changing market conditions, the owners relaunched the property in February 2026 with a revised reserve price of S$1 billion, representing approximately a 13 percent reduction from the original asking price.

Kingsford Group ultimately secured the property for S$950 million, around 5 percent below the revised reserve price and approximately 17.4 percent below the original reserve price.

The pricing reflects current market realities while still delivering substantial value for many owners participating in the collective sale.

Why Kingsford Group Was Interested in the Site

The attraction of Tan Boon Liat Building extends well beyond its existing industrial use.

Its location near the Singapore River, the Central Business District, Great World, and future residential developments make it an exceptional redevelopment opportunity.

The surrounding area has undergone rapid transformation over recent years, with increasing demand for quality housing close to the city centre.

For Kingsford Group, the acquisition offers several strategic advantages.

🏙️ Prime freehold city fringe location

🏡 Strong residential redevelopment potential

🚆 Excellent connectivity to transport networks

🛍️ Opportunity to integrate commercial space at street level

📈 Long term capital appreciation potential

These strengths make the site one of Singapore’s most attractive redevelopment opportunities currently available.

Potential Twin 48 Storey Residential Towers

URA Rezoning Could Unlock Significant Development Value

One of the biggest reasons behind the property’s appeal is the Urban Redevelopment Authority’s planning proposal.

A proposed planning revision could dramatically reshape the property’s future. Instead of remaining under Business 1 zoning, the site may be redesignated for Residential with Commercial on the First Storey, with its allowable plot ratio increasing from 3.1 to 4.9, paving the way for a significantly larger development.

If implemented, this would increase the site’s allowable gross floor area by approximately 50 percent, dramatically enhancing its redevelopment potential.

In addition, nearby remnant state land measuring approximately 1,365 square metres may be amalgamated with the site following the necessary approvals and surveys. This additional land would further improve the overall development footprint.

Potential Twin Forty Eight Storey Residential Towers

Planning guidance released alongside the proposed rezoning allows for an impressive new skyline presence.

The future development could include twin residential towers reaching up to 48 storeys, complemented by up to 1,500 square metres of commercial space on the first floor.

This mixed-use concept would create an active streetscape while adding hundreds of new homes in a highly desirable location.

Such a project would significantly reshape the Outram Road and Zion Road area, bringing new residential opportunities close to employment centres, transport links, shopping destinations, and recreational amenities.

Growing Demand Around Havelock and Zion Road

The surrounding Havelock neighbourhood has become one of Singapore’s fastest evolving residential districts.

Recent condominium launches have demonstrated exceptionally strong buyer demand. According to Cushman and Wakefield, Zyon Grand has already sold around 90 percent of its units, while Promenade Peak has achieved approximately 70 percent sales since launching in 2025.

These successful projects indicate continued confidence in the area’s long-term growth, making the Tan Boon Liat Building site an attractive addition to Kingsford Group’s development portfolio.

Additional Buyer’s Stamp Duty Advantage

Another important factor benefiting the acquisition relates to Singapore’s tax framework.

Because the site is currently zoned as Business 1, the acquisition is not expected to incur Additional Buyer’s Stamp Duty that normally applies to developers purchasing residential land.

This provides Kingsford Group with greater financial flexibility while allowing redevelopment planning to progress under favourable acquisition conditions.

What Happens Next

Several important steps remain before redevelopment can officially begin.

📋 Owners must approve the proposed collective sale.

(See En Bloc Process – What Happen If Developer Bid Below the Reserve Price)

🏢 The transaction requires support from owners representing at least 80 percent of the property’s share value and strata area.

⚖️ Approval from the Strata Titles Board will also be required.

🏗️ Once approvals are secured, Kingsford Group can begin detailed planning for one of Singapore’s most significant future residential redevelopment projects.

Read the Tan Boon Liat Building Previous News Here:

Tan Boon Liat Building En Bloc 2026 Price Reduction

Tan Boon Liat Building En Bloc Sale 2025