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

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.