Tan Boon Liat Building at 315 Outram Road has been sold en bloc to a unit of Kingsford Group for S$950 million.
The 15-storey freehold warehouse and showroom sits at the junction of Outram Road and Zion Road, near Havelock MRT. The sale could eventually lead to a large mixed-use residential development in one of Singapore’s most established city-fringe locations.
However, this is not a new condominium launch yet.
The transaction remains subject to certain conditions, including approval from owners representing at least 80% of the development’s share value and strata area. The owners will also need to be briefed at an upcoming extraordinary general meeting. The Business Times reported the transaction on 21 July 2026.
What is currently confirmed?
Tan Boon Liat Building is a freehold industrial property. It was first launched for collective sale in February 2025 at a reserve price of S$1.15 billion, but the tender closed without securing a buyer.
It was relaunched in February 2026 at a lower reserve price of S$1 billion. Kingsford Group eventually agreed to purchase the property for S$950 million.
This is:
- 5% below the revised S$1 billion reserve price
- Approximately 17.4% below the original S$1.15 billion reserve price
The sale is still conditional and has not yet resulted in an immediate redevelopment.
Could the site become residential?
The property is currently zoned Business 1, commonly known as B1 industrial zoning.
However, the Urban Redevelopment Authority has advised that the site could potentially be rezoned to:
Residential with Commercial at 1st Storey
This type of development allows residential units above commercial uses such as shops, food and beverage outlets or other approved commercial activities on the ground floor. URA’s planning guidelines explain how this zoning works.
The proposed plot ratio could increase from 3.1 to 4.9, representing an approximately 50% increase in allowable gross floor area.
URA has also advised on the possible amalgamation of several remnant state land plots totalling approximately 1,365 sq m, subject to final survey and approval.
According to Cushman & Wakefield, the future development could potentially include:
- Up to 1,500 sq m of commercial space
- Twin towers of up to 48 storeys
- A large number of residential units
These are development possibilities, not final project details.
The eventual number of units, layout, design, selling price and launch date are still unknown.
What does this mean for future buyers?
1. More residential choices in a central location
If the redevelopment proceeds, buyers may eventually have the opportunity to purchase a new freehold residential project near Havelock MRT, Outram Park and the River Valley area.
The location offers strong connectivity and access to established neighbourhoods such as Tiong Bahru, Chinatown and the city centre.
This could appeal to buyers who prioritise:
- MRT access
- Central or city-fringe living
- Proximity to established amenities
- Freehold tenure
- Long-term own-stay value
2. The future project may not be affordable
Kingsford Group is paying S$950 million for the site. The developer will also need to account for construction, financing, professional fees, marketing and other redevelopment costs.
Therefore, future buyers should not assume that the project will be priced cheaply simply because the existing building is industrial.
The location may be attractive, but the final price will depend on the developer’s total costs, market conditions and the number of units that can ultimately be built.
3. Freehold does not automatically mean good value
Freehold tenure can be attractive, particularly in a central location. But buyers should still compare the eventual price against nearby leasehold projects and resale condominiums.
A freehold project can still be overpriced if buyers pay too large a premium for the tenure.
The important question will be:
Is the final price reasonable compared with the location, layout, amenities and nearby alternatives?
4. The site may add competition to nearby projects
Nearby projects such as Zyon Grand and Promenade Peak have reportedly achieved strong sales, showing that there is demand for homes in the Havelock area.
A future Tan Boon Liat redevelopment could increase the supply of new homes in the area. This may give buyers more choices, but it could also create greater competition between projects.
Buyers should compare the future development with completed and upcoming projects rather than assuming that the newest project will automatically be the best option.
What does the B1 zoning mean?
B1 refers to the current Business 1 industrial zoning. It does not refer to buyer nationality, eligibility or stamp-duty treatment.
The fact that the site is currently zoned B1 may affect the developer’s acquisition costs. The Business Times reported that the purchase is not expected to incur Additional Buyer’s Stamp Duty for the developer because of the existing B1 zoning.
However, this applies to the developer’s acquisition of the site. It does not mean that future residential buyers will be exempt from ABSD.
Can foreigners buy the future units without ABSD?
No.
If the site is eventually redeveloped into residential units, a foreign individual buying a residential property in Singapore would generally be subject to 60% Additional Buyer’s Stamp Duty, on top of Buyer’s Stamp Duty. IRAS lists the current ABSD rates here.
The current B1 zoning does not make future residential units ABSD-free.
Certain foreigners may qualify for specific remission arrangements under Singapore’s free-trade agreements, but this depends on nationality and eligibility. IRAS provides the relevant details here.
Who might this future project suit?
The eventual development may suit:
- Singapore Citizens seeking a central freehold home
- Permanent Residents buying for long-term own stay
- Buyers who prioritise MRT convenience and city-fringe living
- High-net-worth foreign buyers who can manage the applicable ABSD
- Buyers with a longer time horizon who are prepared to wait for the project
It may be less suitable for:
- Buyers who need a home immediately
- Buyers with a tight budget
- Buyers relying on immediate rental income
- Foreign buyers assuming the previous B1 zoning removes residential ABSD
- Anyone treating the announcement as a guaranteed condominium launch
Final thoughts
The Tan Boon Liat Building sale is significant because it could transform an existing industrial landmark into a major freehold mixed-use residential development near Havelock MRT.
The location, potential plot-ratio uplift and possible 48-storey towers make it an interesting site to watch.
But buyers should not rush to conclusions. The collective sale still requires owners’ approval, and the redevelopment plans remain subject to planning and other approvals.
For now, the most accurate conclusion is:
Tan Boon Liat Building may eventually become a major freehold residential project, but the price, design, unit mix and launch timeline are still unknown.
When more details are released, buyers should compare the future project carefully against nearby resale condominiums and new launches.
Project information, planning approvals, pricing and availability may change. Always confirm the latest information before making a purchase decision.
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