# Singapore’s Iconic Tan Boon Liat Building Has Been Sold For $950M — What Will Replace This Rare Freehold Site

- **Source:** Stacked Homes
- **Published:** 2026-07-21T11:58:06.000Z
- **Author:** Ryan J. Ong
- **Original:** https://stackedhomes.com/singapores-tan-boon-liat-building-sold-for-950m/
- **Topics:** Commercial & Industrial, New Launches, Transactions & Deals

## Featured rationale

The acquisition signals developer confidence in the Outram Road area and could introduce a high-end mixed-use project distinguished from nearby 99-year leasehold launches.

## AI summary

Kingsford Group acquired the freehold Tan Boon Liat Building for $950 million, the year’s largest collective sale, below its revised $1 billion reserve price.

## Original article

Most Singaporeans will recognise Tan Boon Liat Building on Outram Road as a go-to place for boutique and antique furniture, homeware, and interior design. Built in 1976, the 15-storey building has outlasted other landmark buildings of that era such as Park Mall, a former furniture mall along Penang Road that was demolished in 2016.

But Tan Boon Liat Building’s days are numbered as the iconic industrial property has been sold to Chinese developer Kingsford Group for $950 million. This is the largest collective sale deal so far this year.

Here are some of the important details.

Sold for less than its Reserve Price

The owners of Tan Boon Liat Building attempted a collective sale of the property in February 2025, listing the freehold building at a reserve price of $1.15 billion. This tender closed without a successful bid.

A second attempt was made again this year, backed by the support of owners who hold over 80% of the strata value of the property. The collective sale tender was launched in February at a reduced reserve price of $1 billion.

Although Kingsford’s $950 million bid for the property falls below the latest revised price, it is still a significant amount and the most expensive enbloc deal so far this year. The collective sale was brokered by Cushman & Wakefield (C&W), together with Terra Law LLc as the legal advisor.

Tan Boon Liat Building sits on a rare freehold site at the junction of Outram Road and Zion Road, and it is next to Havelock MRT station on the Thomson-East Coast Line. Although the site is currently zoned ‘Business 1’ the government has advised that planning permission should be submitted for the site to be rezoned ‘Residential with Commercial on the 1st Storey’.

This would accompany an increase in the Gross Plot Ratio (GPR) to 4.9, up from its existing GPR of 3.1. It would significantly increase the redevelopment potential of the site, granting the new mixed-use development a 50% increase in the total allowable gross floor area.

Kingsford will likely seek permission from URA to convert the ‘Business 1’ zoned site into a ‘Residential with Commercial’ site. (Map: URA)

If Kingsford follows this guidance, it could redevelop the site into a mixed-use development comprising twin high-rise residential towers of up to 48 stories, along with a 16,140 sq ft commercial component.

Christina Sim, Senior Director of Capital Markets at C&W shares that URA hoped to introduce more residential developments in this locale, and the suggestion to rezone the site was the result of an eight-month long study.

“By transforming an aging industrial building into a compelling residential opportunity, we unlocked significant value for the stakeholders, culminating in an extraordinary uplift in the site’s value,” says Sim. She adds that the site’s freehold tenure, coupled with the fact that the sale did not incur any ABSD due to its ‘Business 1’ zoning was also a “game changer”.

A surviving landmark when trade plied along the Singapore River

Tan Boon Liat Building is an iconic development align this part of the Singapore River, and when it is demolished I reckon that many long-time residents of the area will feel its absence along the skyline.

The site was originally part of a working waterfront and housed warehouses (or godowns) that belonged to Peranakan businessman Tan Boo Liat, who operated his import/export company Tan Boon Liat & Co. along the river.

This is why the building is the last remaining industrial property in a sea of residential redevelopments and waterfront hotels. The original godowns by Tan Boo Liat were destroyed by a fire in 1961, and the site was redeveloped into the 15-storey Tan Boon Liat Building in 1976.

By then, this part of the Singapore River area was already being reshaped with hotels, commercial properties, and residential developments taking over the riverside. This apparent awkwardness – of an industrial building sitting shoulder to shoulder with glittering hotels – eventually gave Tan Boon Liat Building a distinct identity. It was one of the last industrial holdouts in a much gentrified area.

Tan Boon Liat Building was also the subject of a famous court case, which influenced future factory use

Shortly after completion, Tan Boon Liat Building became embroiled in Singapore’s first court case under the Planning Act. It prompted questions whether its strata units could be used as offices and retail premises, rather than solely for factory use.

The owners ultimately prevailed in this case, which paved the way for tenants and owner-occupiers to evolve the use of the spaces beyond the original industrial intent. This case may have indirectly contributed to spaces like the Kapo Factory today.

During the technology boom era of the 1980s, Tan Boon Liat Building housed computer education centres. This would gradually give way to the collection of antique and boutique furniture shops, lifestyle stores, and interior design firms we see today. It was an organic transformation that reflected changing consumer preferences.

Recently, a bustling lifestyle element has taken root there. For example, the opening of Cloudfields, a cafe featuring collaborations with former Michelin-starred chefs. This took place a few weeks before news of the collective sale broke.

How might Kingsford redevelop this site?

A new development would likely enjoy a direct connection to Havelock MRT station, while residents would have lifestyle areas like Robertson Quay at their doorstep. The TEL also connects them to the CBD and other areas around the island.

There are less than a handful of redevelopment sites in this vicinity that come to mind which simultaneously boast direct MRT connectivity, along with proximity to the CBD and one of the downtown core’s best known lifestyle zones.

These strong attributes, as well as the recent track record of land sales in the area, likely boosted Kingsford’s confidence in acquiring Tan Boon Liat Building.

Over the past two years or so, several nearby government land sale (GLS) sites have been awarded and developed, including Zyon Grand, Promenade Peak, River Green and the most recent being River Modern. The final River Valley Green (Parcel C) GLS site was also recently awarded.

Sunway MCL and CSC Land put in the top bid of $750.6 million ($1,730 psf per plot ratio) for the River Valley Green (Parcel C) GLS site last month.

We’ve previously covered the strong take-up rates for these projects at launch: River Green sold around 88% of its units at launch, while River Modern crossed the 90% mark during its launch weekend. Zyon Grand has also achieved strong take-up at around 86%, while Promenade Peak managed to sell two-thirds of its units.

Tan Boon Liat Building is not only close to these new launch projects, but it also carries the distinction of being a freehold site. Four of the new condos in that area which have recently hit the market are all 99-year leasehold projects. So far, Robertson Opus is the only new 999-year leasehold project in this vicinity.

That said, based on the $950 million price tag and location, I expect that any new launch project that comes from the redevelopment of Tan Boon Liat Building will unlikely bank on its relative affordability.

A redevelopment here will likely be positioned as a luxury residential project, or at least on the higher-end of the residential market. For buyers keen on a new condo close to the CBD, and don’t prefer the 99-year leasehold tenure of recent new projects, this is the site to keep an eye on.

## Chinese translation

> Translation model: grok_cli

### 新加坡标志性陈文烈大厦以9.5亿新元售出——这块稀有永久地契地块将被什么取代

陈文烈大厦（Tan Boon Liat Building）已以9.5亿新元售予Kingsford Havelock Pte Ltd，很可能是新加坡2026年最大的集体出售交易。欧南路这块永久地契地块的总容积率（Gross Plot Ratio）上调至4.9，为最高可达48层的双塔打开空间。

多数新加坡人都会认出欧南路（Outram Road）上的陈文烈大厦（Tan Boon Liat Building）——它是精品与古董家具、家居用品及室内设计的热门去处。这座建于1976年的15层建筑，比同年代其他地标更耐住了岁月，例如前槟城路家具商场Park Mall，已于2016年拆除。

但陈文烈大厦的日子已进入倒计时：这座标志性工业物业已以9.5亿新元售予中国开发商经发集团（Kingsford Group）。这是今年迄今规模最大的集体出售交易。

以下是一些重要细节。

成交价低于底价

陈文烈大厦业主曾在2025年2月尝试集体出售该物业，将这座永久地契建筑以11.5亿新元的底价挂牌。该招标未获成功出价而结束。

今年再度尝试，并获得持有该物业超过80%分层地契价值业主的支持。集体出售招标于2月启动，底价下调至10亿新元。

尽管经发9.5亿新元的出价低于最新修订底价，金额仍相当可观，也是今年迄今最昂贵的集体出售交易。该集体出售由戴德梁行（Cushman & Wakefield，C&W）促成，法律顾问为Terra Law LLc。

陈文烈大厦坐落于欧南路与锡安路（Zion Road）交界处一块稀有永久地契地块，毗邻汤申—东海岸线（Thomson-East Coast Line）的合乐地铁站（Havelock MRT）。尽管该地块目前划为“Business 1”（商业一区），政府已建议就将该地块重新划为“Residential with Commercial on the 1st Storey”（住宅，首层可作商业）提交规划许可申请。

这将伴随总容积率（Gross Plot Ratio，GPR）由现有的3.1提升至4.9。这将显著提高地块的重建潜力，使新的综合用途发展可获准总楼面面积增加50%。

经发很可能向市区重建局（URA）申请，将“Business 1”地块转为“住宅附商业”用途。（地图：URA）

若经发依此指引推进，可将该地块重建为综合用途项目，包括最高可达48层的双座高层住宅塔楼，以及16,140平方英尺的商业部分。

戴德梁行资本市场高级董事Christina Sim表示，URA希望在这一地段引入更多住宅项目，而重新划定该地块用途的建议，是长达八个月研究的结果。

“通过把一座老化工业建筑转化为具有吸引力的住宅机会，我们为相关方释放了显著价值，最终带来地块价值的非凡提升，”Sim说。她补充称，该地块的永久地契年期，加上因“Business 1”划区而在交易中无需缴纳额外买方印花税（ABSD），也是“改变局面的关键因素”。

新加坡河沿岸贸易繁盛年代留下的地标

陈文烈大厦是新加坡河这一带的标志性建筑，一旦拆除，我估计许多在此久居的居民会在天际线上感受到它的缺席。

该地块原本是作业码头的一部分，曾设有属于土生华人商人陈武烈（Tan Boo Liat）的货仓（godowns），他沿河经营进出口公司Tan Boon Liat & Co.。

正因为如此，这座建筑成为住宅重建与滨水酒店海洋中最后的工业物业。陈武烈原先的货仓在1961年毁于火灾，该地块于1976年重建为15层的陈文烈大厦。

彼时，新加坡河这一带已在被酒店、商业物业与住宅发展重塑。工业建筑与光鲜酒店比肩而立的这种看似突兀，最终赋予陈文烈大厦独特身份——它是高度士绅化区域中最后的工业据点之一。

陈文烈大厦也曾是著名诉讼的主角，影响了日后工厂用途

竣工后不久，陈文烈大厦卷入新加坡《规划法》（Planning Act）下的第一起法庭案件。案件引发其分层单位是否可用作办公与零售场所，而非仅限工厂用途的问题。

业主最终在此案中胜诉，为租户与自用业主将空间用途演进至超出原先工业意图铺平了道路。该案或许间接促成了今日如Kapo Factory一类空间的出现。

在1980年代科技热潮时期，陈文烈大厦曾设有电脑教育中心。随后逐渐被我们今天所见的古董与精品家具店、生活方式商店与室内设计公司所取代。这是一场反映消费者偏好变化的有机转型。

近来，活跃的生活方式元素也在此扎根。例如Cloudfields的开业——一家与前米其林星级厨师合作的咖啡馆。这发生在集体出售消息传出前几周。

经发可能如何重建此地？

新项目很可能可直接连接合乐地铁站，住户门口就是罗伯逊码头（Robertson Quay）一类生活方式区域。汤申—东海岸线也把他们连接到CBD与岛上其他区域。

在这附近，能同时具备直接地铁连通、靠近CBD，以及毗邻市中心核心区最知名生活方式地带之一的重建地块，屈指可数。

这些强势属性，以及该区域近期的土地销售纪录，很可能增强了经发收购陈文烈大厦的信心。

过去两年左右，附近多个政府售地（GLS）地块已成功授出并开发，包括Zyon Grand、Promenade Peak、River Green，以及最近的River Modern。最终的River Valley Green（Parcel C）政府售地地块最近也已授出。

上月，Sunway MCL与CSC Land以7.506亿新元（每平方英尺容积率1,730新元）投得River Valley Green（Parcel C）政府售地地块，为最高出价。

我们此前已报道这些项目开盘时的强劲认购：River Green开盘售出约88%单位，River Modern在开盘周末突破90%。Zyon Grand也达到约86%的强劲认购，而Promenade Peak售出约三分之二单位。

陈文烈大厦不仅靠近这些新盘，还拥有永久地契这一独特优势。该区域近期入市的四个新共管公寓项目均为99年地契。迄今为止，Robertson Opus是这一带唯一的新999年地契项目。

话虽如此，基于9.5亿新元的价码与区位，我预期任何源自陈文烈大厦重建的新盘，都不太可能主打相对可负担性。

此处重建很可能定位为豪华住宅项目，或至少处于住宅市场的较高端。对希望靠近CBD、又不偏好近期新盘99年地契的买家而言，这是值得持续关注的地块。