INSIGHTS · Feb 3, 2025 · 2 min read
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WhatsApp Melvin →Tan Boon Liat Building Up for Collective Sale at $1.15 Billion
Tan Boon Liat Building, a well-known freehold industrial building along Outram Road, has been launched for collective sale at $1.15 billion. This marks another major redevelopment opportunity in Singapore’s evolving property landscape.
A Storied Landmark with a New Future
Built in the 1970s, Tan Boon Liat Building has become a recognizable hub for furniture and home décor retailers, attracting designers and homeowners alike. With its prime freehold status and strategic location at the fringe of the Central Business District (CBD), it holds significant redevelopment potential.
Redevelopment Possibilities
The 10-storey property sits on an 86,840 sq ft site zoned for “Business 1” (B1) industrial use under the URA Master Plan 2019. The successful buyer could potentially redevelop the site into a modern industrial or mixed-use development, subject to approvals.
With an allowable plot ratio of 2.5, the gross floor area (GFA) could be expanded to 217,100 sq ft, making it attractive for investors looking at next-generation business parks, lifestyle hubs, or even integrated workspace concepts.
Rising Demand for City-Fringe Industrial Spaces
Given Singapore’s tightening supply of prime industrial and commercial spaces, Tan Boon Liat Building’s sale comes at a time when businesses are seeking high-quality, well-located premises. With its proximity to Outram MRT Interchange and future Greater Southern Waterfront transformation, the site is well-positioned to benefit from long-term urban growth plans.
Market Outlook
Recent industrial transactions and en bloc attempts indicate that investor interest remains strong, despite economic headwinds. If successful, this sale could set a new benchmark for industrial collective sales in Singapore.
With the tender closing soon, all eyes will be on developers and investors eyeing this rare freehold industrial asset.