Cushman & Wakefield has announced the collective sale of the Tan Boon Liat Building, a prominent industrial warehouse and showroom located at 315 Outram Road, Singapore. The property is being offered at a reserve price of £1.15 billion through a public tender. This 15-storey building, a remnant of Singapore’s industrial past, is positioned at a prime freehold site atop the Havelock MRT Station on the Thomson-East Coast Line.
The Urban Redevelopment Authority (URA) has recently advised a zoning change from “Business 1” to “Residential with Commercial at 1st storey,” increasing the plot ratio from 3.1 to 4.9. This change allows for a 50% uplift in the total allowable gross floor area. The site, including additional state land plots, offers a potential gross floor area of over 98,049.87 sq m, with provisions for commercial space and serviced flats.
Christina Sim, Senior Director of Capital Markets at Cushman & Wakefield, highlighted the site’s appeal, noting, “Demand for residential properties, especially those located at the city fringe, is expected to be strong, aided by favourable credit conditions.” She also pointed out the advantage of the site’s freehold tenure and its location on the Thomson-East Coast line.
The tender for the Tan Boon Liat Building will close on 18 March 2025 at 3.00pm. This sale presents a rare opportunity for developers to transform a significant city fringe location, reshaping the residential landscape of the surrounding neighbourhoods.
