# Kingsford Group buys Tan Boon Liat Building en bloc for $950 mil

- **Source:** EdgeProp Singapore
- **Published:** 2026-07-21T02:00:13.000Z
- **Author:** Atiqah Mokhtar
- **Original:** https://www.edgeprop.sg/property-news/kingsford-group-buys-tan-boon-liat-building-en-bloc-950-mil
- **Topics:** Private Residential, Commercial & Industrial, New Launches

## Featured rationale

The acquisition signals strong developer confidence in the established neighbourhood and could add housing supply through a potential 50% GFA uplift and residential-led redevelopment.

## AI summary

Kingsford Group agreed to acquire freehold Tan Boon Liat Building en bloc for $950 million, Singapore’s largest collective sale since Pacific Mansion’s $980 million deal in 2018.

## Original article

Tan Boon Liat Building, a freehold industrial property at 315 Outram Road, has been sold en bloc to Kingsford Group for $950 million. The deal is subject to “the fulfilment of certain conditions and owners’ approval”, said marketing agent Cushman & Wakefield in a July 21 release.

The sale marks the biggest en bloc deal this year by absolute price, surpassing Loyang Valley, a 99-year leasehold condo in Pasir Ris, which sold to a consortium led by SingHaiyi Group for $880 million in April.

It is also the largest collective sale since Pacific Mansion in 2018. The freehold residential development in River Valley was sold to a joint venture led by GuocoLand and Hong Leong Holdings for $980 million. The biggest collective sale deal on record remains Farrer Court, a privatised HUDC (Housing and Urban Development Company) estate which sold for $1.339 billion in 2007.

Read also: People's Park Centre takes third stab at collective sale with $1.48 bil guide price

The $950 million price tag for Tan Boon Liat Building is about 5% lower than the $1 billion reserve price indicated in February, when the development was launched for sale by public tender. The tender had closed on May 12.

This is the second collective sale attempt by owners, who previously put Tan Boon Liat Building on the market for $1.15 billion last year.

Owners’ approval for the sale will be sought at an upcoming extraordinary general meeting (EGM). “The [Collective Sale Committee] will be briefing owners at an upcoming EGM, as it is important to secure their mandate together with the support of the majority stakeholders, which is critical to crossing the 80% approval threshold,” said Ashok Melwani, chairman of the committee. The deal will also be subject to approval by the Strata Titles Board.

Tan Boon Liat Building is a 15-storey warehouse and showroom adjacent to Havelock MRT Station (Thomson-East Coast Line). The property occupies two separate freehold land plots zoned for Business 1 use, with a combined site area of approximately 141,048 sq ft.

URA has advised that the site be rezoned to “Residential with Commercial at 1st storey” with a plot ratio of 4.9, up from the current 3.1. The rezoning allows for 50% uplift in the total allowable gross floor area (GFA) for the site.

In addition, URA has advised that a few remnant state land plots be amalgamated with the main plot. These state plots total approximately 14,693 sq ft, subject to a final survey by the relevant authorities.

Read also: Owners of freehold Balestier Centre launch first collective sale bid at $180 mil

Given the site’s prescribed heights, the new development could potentially be twin skyscrapers of up to 48 storeys, says Cushman & Wakefield. A maximum of 16,146 sq ft of commercial GFA can be supported at the first storey.

URA’s decision to potentially rezone the site follows an eight-month study that came after Cushman & Wakefield initiated a conversion and re-purposing exercise for the project, said Christina Sim, senior director of capital markets at the agency. “By transforming an ageing industrial building into a compelling residential opportunity, we unlocked significant value for the stakeholders, culminating in an extraordinary uplift in the site’s value,” she adds.

The sale will not incur any Additional Buyer's Stamp Duty, given the site's Business 1 zoning.

Kingsford Group’s purchase of Tan Boon Liat Building comes on the heels of its launch of Lentor Gardens Residences. The 499-unit condo in the Lentor Hills estate launched on July 18, with the developer shifting 54% of units on the day at an average price of $2,350 psf.

The deal also marks Kingsford's latest landbanking initiative. Last November, the group had purchased a Government Land Sale (GLS) site on Telok Blangah Road for $918.4 million, or $1,326 psf per plot ratio (psf ppr). The 99-year leasehold site — the first private residential plot launched on the former Keppel Club site — can yield about 745 units.

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 this year, notes Kelvin Fong, CEO of PropNex. The group offered $1,251 psf ppr for Parcel B and $1,626 psf ppr for Parcel C. "Having pursued sites in this area twice through the GLS, Kingsford has now tried to secure its position via the collective sale market instead."

Fong also points out that land rates for GLS sites in the vicinity have increased, with River Valley Green Parcel C awarded to Sunway MCL and CSC Land Group at $1,730 psf ppf. "Developers who have been unable to secure GLS sites could increasingly explore opportunities in the en bloc market, favouring freehold tenure, established locations with a proven sales record, sites near to MRT stations, and realistically priced collective sale developments," he continues.

Read also: Lentor Gardens Residences: Well-positioned for Singapore's northern growth corridor

Strong private housing demand in the neighbourhood

Four projects have been launched in the vicinity of Tan Boon Liat Building over the past year, with the developments collectively selling over 2,000 units. notes Fong. These comprise Wing Tai Holdings' 524-unit River Green and GuocoLand's 455-unit River Modern, both in River Valley Green, along with Allgreen Properties' 596-unit Promenade Peak and City Developments-Mitsui Fudosan's 706-unit Zyon Grand, both on Zion Road.

Caveats lodged with URA as of July 11 show that all the projects, except Promenade Peak, have achieved take-up rates of at least 90%. Average prices of all four projects range from $3,033 to $3,281 psf [see Table 1].

River Valley Green (Parcel C) was the last GLS site in the River Valley Green locale, which means moving forward, private residential development sites in the vicinity are limited, says Fong. This means a redevelopment of Tan Boon Liat Building could help bolster the housing pipeline. The future project also has the advantage of having a freehold tenure, compared with the 99-year leasehold tenure for GLS sites.

## Chinese translation

> Translation model: grok

### 经发集团以 9.5 亿新元整体购入陈文烈大厦

该成交价为今年最大集体出售交易，也是自 2018 年 3 月以 9.8 亿新元成交的 Pacific Mansion 以来最大一笔。

位于欧南路 315 号的永久地契工业物业陈文烈大厦（Tan Boon Liat Building）已整体售予经发集团（Kingsford Group），成交价 9.5 亿新元。营销代理世邦魏理仕在 7 月 21 日新闻稿中表示，交易尚待“满足若干条件并获得业主批准”。

以绝对价格计，该交易为今年最大集体出售，超过 4 月由新海逸集团牵头财团以 8.8 亿新元购入的巴西立 99 年地契公寓 Loyang Valley。

这也是自 2018 年 Pacific Mansion 以来最大的集体出售。该河谷路永久地契住宅项目由 GuocoLand 与 Hong Leong Holdings 牵头合资以 9.8 亿新元购入。有记录以来最大的集体出售仍是 2007 年以 13.39 亿新元成交的已私有化 HUDC 项目 Farrer Court。

延伸阅读：人民公园中心第三次尝试集体出售，指导价 14.8 亿新元

陈文烈大厦 9.5 亿新元的成交价，较 2 月公开招标推出时所示 10 亿新元底价约低 5%。招标于 5 月 12 日截止。

这是业主第二次尝试集体出售；此前去年曾以 11.5 亿新元挂牌。

业主批准将在即将举行的特别会员大会（EGM）上征求。委员会主席 Ashok Melwani 表示：“集体出售委员会将在即将举行的 EGM 上向业主作简报，争取其授权及多数利益相关方支持，这对跨越 80% 批准门槛至关重要。”交易亦须获分层地契局批准。

陈文烈大厦为 15 层仓库及展厅，毗邻汤申-东海岸线合乐地铁站。物业占用两幅独立永久地契地段，区划为商业 1（Business 1），合计用地面积约 141,048 平方英尺。

市区重建局建议将该地块改划为“住宅，底层可设商业”，容积率由目前的 3.1 提高至 4.9。改划可使地块允许总建筑面积（GFA）提升 50%。

此外，市区重建局建议将若干残余国有地段并入主地块。这些国有地段合计约 14,693 平方英尺，最终以有关当局测量为准。

延伸阅读：永久地契巴里士地中心业主首次集体出售，挂牌 1.8 亿新元

世邦魏理仕表示，按地块规定高度，新发展项目或可为最高 48 层的双子摩天楼。底层最多可支持 16,146 平方英尺商业总建筑面积。

该机构资本市场高级董事 Christina Sim 表示，市区重建局考虑改划的决定，是在世邦魏理仕启动项目转换与改造评估后历时八个月研究的结果。“通过将老化工业大厦转化为具吸引力的住宅机会，我们为利益相关方释放了显著价值，最终使地块价值大幅提升，”她补充道。

鉴于地块为商业 1 区划，该出售无需缴纳额外买方印花税（ABSD）。

经发集团购入陈文烈大厦之际，恰逢其推出 Lentor Gardens Residences。该位于伦多山庄的 499 单位公寓于 7 月 18 日开盘，当日售出 54% 单位，均价每平方英尺 2,350 新元。

该交易亦是经发最新土地储备举措。去年 11 月，该集团以 9.184 亿新元、或每平方英尺容积率 1,326 新元购入直落布兰雅路的政府售地（GLS）地块。该 99 年地契地块是前吉宝俱乐部地段推出的首幅私人住宅用地，可建约 745 个单位。

PropNex 首席执行官 Kelvin Fong 指出，此前经发曾就两幅距陈文烈大厦不远的 GLS 地块——河谷绿苑 B 与 C 地块——提交未中标的竞标，分别于 2025 年 2 月及今年 6 月招标。集团对 B 地块出价每平方英尺容积率 1,251 新元，对 C 地块为 1,626 新元。“两次通过 GLS 竞逐该区域地块未果后，经发现转而通过集体出售市场确立位置。”

Fong 亦指出，附近 GLS 地价已上升，河谷绿苑 C 地块由 Sunway MCL 与 CSC Land Group 以每平方英尺 1,730 新元中标。“未能取得 GLS 地块的发展商可能日益转向集体出售市场，偏好永久地契、地段成熟且销售记录良好、靠近地铁站、以及定价务实的集体出售项目，”他继续道。

延伸阅读：Lentor Gardens Residences：占据新加坡北部增长走廊有利位置

周边私人住宅需求强劲

Fong 指出，过去一年陈文烈大厦周边共推出四个项目，合计售出逾 2,000 个单位。包括永泰控股的 524 单位 River Green、国浩地产的 455 单位 River Modern（均位于河谷绿苑），以及 Allgreen Properties 的 596 单位 Promenade Peak、城市发展与三井不动产的 706 单位 Zyon Grand（均位于锡安路）。

截至 7 月 11 日向市区重建局呈报的交易记录显示，除 Promenade Peak 外，其余项目认购率均至少达 90%。四个项目均价介于每平方英尺 3,033 至 3,281 新元［见表 1］。

Fong 表示，河谷绿苑（C 地块）是该地段最后一幅 GLS 地块，意味着未来周边私人住宅发展用地有限。因此，陈文烈大厦重建或有助于补充住房供应。未来项目亦具备永久地契优势，相较 GLS 地块的 99 年地契更具吸引力。