Tan Boon Liat Building launched for $1b collective sale

Owners have secured 80% consensus for its collective sale.

Cushman & Wakefield has launched a public tender for the Tan Boon Liat Building at 315 Outram Road with a reserve price of $1b, after owners of the 15-storey warehouse secured an 80% consensus.

The tender will close on 12 May 2026, according to a press release.

The Urban Redevelopment Authority (URA) has advised rezoning the freehold site from “Business 1” to “Residential with Commercial at the 1st storey,” increasing the plot ratio from 3.1 to 4.9.

The main site spans 13,103.8 sqm. With the inclusion of three adjoining state land plots, the total site area will increase to 16,318.9 sqm.

The development is exempt from Additional Buyer’s Stamp Duty as it is currently zoned for industrial use. Potential gross floor area stands at 95,166.22 sqm, the press release said.

URA requirements include allocating 10,000 sqm for serviced apartments and 1,500 sqm for commercial use. The site can accommodate two towers of up to 48 storeys.

The indicative land rate is $1,757 per sq ft per plot ratio, inclusive of rezoning charges and land premiums.

In 2025, nearby developments saw strong pricing. Zyon Grand and Promenade Peak achieved median prices of $3,039 and $2,926 per sq ft, respectively, whilst Newport Residences averaged $3,370 per sq ft during its first weekend of sales.

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