The Tan Boon Liat Building in Singapore has been sold en bloc to a unit of Kingsford Group for S$950 million, marking what is likely the largest collective sale transaction in the city-state this year, according to Cushman & Wakefield. The sale is subject to the fulfillment of certain conditions and the approval of the owners.
Key Details
Originally launched for collective sale in February 2025 with a reserve price of S$1.15 billion, the property did not secure a buyer at that time. It was relaunched in February 2026 at a revised reserve price of S$1 billion, approximately 13% lower than the initial asking price. The final transaction value of S$950 million is 5% below this revised reserve price and about 17.4% lower than the original price.
The sale remains conditional on obtaining support from owners representing at least 80% of the development's share value and strata area. Owners will be briefed on the proposed transaction at an upcoming extraordinary general meeting. Christina Sim, senior director of capital markets at Cushman & Wakefield, noted that the Urban Redevelopment Authority (URA) aims to introduce more residential developments in the area, which could lead to a significant increase in the site's value.
Background
The Tan Boon Liat Building is an industrial warehouse and showroom located at the intersection of Outram Road and Zion Road. The URA's planning decision follows a comprehensive study that lasted eight months, indicating potential rezoning for the site.
This transaction could influence the real estate sector in Singapore, particularly in the industrial and residential markets, as it reflects changing demand dynamics and regulatory shifts. Investors will watch for the outcome of the owners' meeting regarding the sale approval.