Tan Boon Liat Building is up for a second collective sale close to a year after its first push achieved over 80% consensus but ended with no bids.
Frequented by furniture buyers, the freehold 15-storey industrial warehouse and showroom landmark at 315 Outram Road has been launched for a fresh public tender at a reserve price of $1 billion, lower than the $1.15 billion asking price in February 2025.
The site sits above the Havelock MRT Station on the Thomson-East Coast Line and has a total site area of 13,103.8 sqm (or 141,048 sq ft), comprising two separate land plots.
After completing some eight months of study, the Urban Redevelopment Authority (URA) had advised in January that the current zoning of Business 1 with a plot ratio of 3.1 be rezoned to residential with commercial on the first storey with a plot ratio of 4.9.
This represents a “massive” 50% uplift in the total allowable gross floor area for the site, says Cushman & Wakefield, the exclusive adviser and marketing agent for the property.
URA has also advised on the alienation of three remnant state land plots to be amalgamated with the main plot. These state land plots are estimated to amount to approximately 1,365 sqm, subject to the relevant authorities’ final survey.
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The total combined site area is about 16,318.9 sqm. The potential gross floor area (GFA), including the state land plots plus any bonus GFA entitlements, adds up to over 95,166.22 sqm.
A maximum of 1,500 sqm of commercial GFA can be supported at the first storey. As part of the residential quantum, a minimum GFA of 10,000 sqm shall be set aside for serviced apartments (SA2), with a minimum stay period of three months.
Based on the reserve price — including land betterment charges (LBC) on rezoning, the estimated premium payable on the remnant state land and the 10% bonus GFA applicable to the residential portion — the estimated land rate works out to be about $1,757 psf per plot ratio.
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The prescribed heights for the new development range from 130m Singapore Height Datum (SHD) to 180m SHD, allowing a developer “to build a landmark project with twin skyscrapers of up to 48 storeys”, notes Cushman & Wakefield.
There will not be any additional buyer’s stamp duty (ABSD) levied on the potential purchase, as the original site has a Business 1 zoning.
Recent private residential launches in the vicinity have seen robust demand, adds the commercial real estate services firm. According to URA data, Zyon Grand and Promenade Peak, two new 99-year leasehold condominium projects launched in 2025, are already 86% and 65% sold respectively (as at end-2025) and achieved median prices of $3,039 psf and $2,926 psf based on recorded transactions in 2025.
Christina Sim, senior director of capital markets at Cushman & Wakefield, says: “Tan Boon Liat Building is a unique development site of exceptional rarity. Residential projects, especially those located at the city fringe, are expected to attract strong buyer interest. Added to this are extremely favourable credit conditions with interest rates at historic lows. Being freehold and located on the Thomson-East Coast line is also highly attractive.”
The tender for 315 Outram Road will close at 3pm on May 12.
