# Tan Boon Liat Building sold to Kingsford Group for S$950 million

- **Source:** Channel NewsAsia
- **Published:** 2026-07-21T03:58:00.000Z
- **Author:** Bridget Tan
- **Original:** https://www.channelnewsasia.com/singapore/tan-boon-liat-building-collective-sale-6267131
- **Topics:** Commercial & Industrial, New Launches, Transactions & Deals

## Featured rationale

The transaction signals developer confidence in the freehold, MRT-connected site and could add substantial housing supply through a 50 per cent gross-floor-area increase.

## AI summary

Tan Boon Liat Building was sold en bloc to Kingsford Group for S$950 million, potentially enabling a 48-storey residential and commercial redevelopment.

## Original article

SINGAPORE: Tan Boon Liat Building, a freehold industrial property at Outram Road, has been sold en bloc for S$950 million (US$756 million) to a unit of Kingsford Group. This likely represents the largest collective sale transaction in Singapore so far this year, the property's marketing agent Cushman & Wakefield said on Tuesday (Jul 21). The buyer, Kingsford Havelock, secured the 15-storey warehouse and showroom building in a deal that is subject to owners' approval. A fresh tender was called after more than 80 per cent of owners agreed to a reduced reserve price of S$1 billion. The building was first launched for sale in February 2025, at a reserve price of S$1.15 billion.

The site, comprising two separate land lots, is known as a furniture hub. It sits above Havelock MRT station on the Thomson-East Coast Line, making it a prime location with significant redevelopment potential. According to Cushman & Wakefield, the Urban Redevelopment Authority had indicated that the site could be rezoned from “Business 1” to “Residential with Commercial at the 1st storey”. The proposed change would raise the plot ratio from 3.1 to 4.9, representing a 50 per cent increase in allowable gross floor area.

Planning parameters suggest the site could accommodate a development of up to 48 storeys, potentially comprising twin towers. "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," said Ms Christina Sim, senior director of Capital Markets, Singapore at Cushman & Wakefield. "The site’s freehold tenure, coupled with the fact that the sale did not incur any ABSD (additional buyer's stamp duty) due to its ‘Business 1’ zoning was also a game changer," she added.

The sale is subject to approval by the Strata Titles Board. It is also subject to the fulfilment of certain conditions and owners’ approval. Mr Ashok Melwani, chairman of the Collective Sale Committee, said owners will be briefed at an upcoming extraordinary general meeting, to secure their mandate and support of the majority stakeholders.

## Chinese translation

> Translation model: grok

### 陈文烈大厦以 9.5 亿新元售予经发集团

该永久地契地段可改建为最高 48 层的住商综合项目，或为双子塔形态。

新加坡：位于欧南路的永久地契工业物业陈文烈大厦（Tan Boon Liat Building）已整体出售予经发集团（Kingsford Group）旗下公司，成交价为 9.5 亿新元（约 7.56 亿美元）。该物业营销代理世邦魏理仕（Cushman & Wakefield）于周二（7 月 21 日）表示，这很可能是新加坡今年迄今金额最大的集体出售交易。买家 Kingsford Havelock 取得这栋 15 层仓库及展厅大厦，交易尚待业主批准。在超过 80% 业主同意将底价下调至 10 亿新元后，发起了新一轮招标。该大厦于 2025 年 2 月首次推出，底价为 11.5 亿新元。

该地块由两幅独立地段组成，以家具中心闻名。大厦位于汤申-东海岸线合乐地铁站上方，地段优越，具有显著重建潜力。据世邦魏理仕，市区重建局（URA）已表示，该地块可由“商业 1”（Business 1）改划为“住宅，底层可设商业”。拟议改划将使容积率由 3.1 提高至 4.9，允许总建筑面积增加 50%。

规划参数显示，该地块可容纳最高 48 层的发展项目，或为双子塔形态。世邦魏理仕新加坡资本市场高级董事 Christina Sim 表示：“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：“地块的永久地契，加上因‘商业 1’区划出售无需缴纳额外买方印花税（ABSD），也是改变格局的关键因素。”

该交易尚待分层地契局（Strata Titles Board）批准，亦须满足若干条件并获得业主批准。集体出售委员会主席 Ashok Melwani 表示，将在即将举行的特别会员大会上向业主作简报，以争取多数业主的授权与支持。