Tan Boon Liat Building was previously launched for collective sale in February 2025 at a reserve price of $1.15 billion (Picture: Cushman & Wakefield)
Tan Boon Liat Building, an industrial property at 315 Outram Road, has been launched for collective sale by public tender with a reserve price of $1 billion. This is the second en bloc attempt by owners, who had put the development up for tender in February of last year with a reserve price of $1.15 billion. According to marketing agent Cushman & Wakefield, the fresh launch comes after over 80% of owners agreed to the reduced price.
Tan Boon Liat Building is a 15-storey warehouse and showroom. The property occupies two separate freehold land plots zoned for Business 1 use, which have a combined site area of 141,048 sq ft.
URA has advised that the site be rezoned to “Residential with Commercial at 1st storey” with a plot ratio of 4.9, up from the current 3.1. In addition, three remnant state land plots have been advised to be amalgamated with the main plot. Including the state land plots, the combined site area would be around 175,655 sq ft.
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Factoring in the state land plots and any bonus GFA entitlements, the potential gross floor area (GFA) of the future development at the site totals around 1.02 million sq ft, including a maximum of 16,146 sq ft of commercial GFA at the first storey.
As part of the residential allocation, a minimum GFA of about 161,459 sq ft shall be set aside for Serviced Apartments II (SA2), where a minimum three-month stay is required.
Based on the $1 billion reserve price, the estimated land rate works out to about $1,757 psf per plot ratio. The land rate includes land betterment charges on rezoning, the estimated premium payable on the remnant state land and the 10% bonus GFA applicable to the residential portion.
The tender will close on May 12 at 3pm.