Tan Boon Liat Building Sold for S$950 Million

Tan Boon Liat Building, a freehold industrial property, has been sold for S$950 million to Kingsford Group.

This is likely the largest collective sale in Singapore this year, according to the property's marketing agent.

Kingsford Havelock bought the building after more than 80% of owners agreed to a lower price of S$1 billion.

The building was first put up for sale in February 2025 at a price of S$1.15 billion.

The site has two land lots and is known for furniture shops, with a prime location near Havelock MRT station.

The Urban Redevelopment Authority said the site could be changed from industrial to residential use.

This change would increase the allowed building area by 50%.

The site could have a development of up to 48 storeys with twin towers.

The sale unlocked significant value for stakeholders, said Ms Christina Sim of Cushman & Wakefield.

The site's freehold status and no additional buyer's stamp duty made it attractive.

The sale needs approval from the Strata Titles Board.

It also needs certain conditions to be met and owners' approval.

The Collective Sale Committee chairman said owners will be briefed to secure their support.

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