Cushman & Wakefield has successfully brokered the sale of the Tan Boon Liat Building to Kingsford Havelock Pte Ltd, a unit of the Kingsford Group, for S$950m. This transaction, subject to certain conditions and owners’ approval, is poised to be the largest collective sale in Singapore for 2026.
The 15-storey industrial warehouse, located at the intersection of Outram Road and Zion Road, occupies a prime site above the Havelock MRT Station. The Urban Redevelopment Authority (URA) has advised a rezoning of the site from “Business 1” to “Residential with Commercial at the 1st storey,” increasing the plot ratio from 3.1 to 4.9. This change allows for a 50% increase in the gross floor area, paving the way for a landmark development featuring twin skyscrapers up to 48 storeys high.
The sale follows a public tender initiated by Cushman & Wakefield after achieving over 80% consensus at a reduced reserve price of S$1b. Christina Sim, Senior Director of Capital Markets at Cushman & Wakefield, noted, “We recognised the exceptional potential of the Tan Boon Liat Building site and initiated a conversion and re-purposing exercise for the project.”
The transaction is contingent upon approval by the Strata Titles Board. The Collective Sale Committee, led by Ashok Melwani, is set to brief owners at an upcoming extraordinary general meeting to secure the necessary mandate for the sale. Recent residential projects in the area, such as Zyon Grand and Promenade Peak, have seen strong demand, indicating a promising future for the new development.
