Tan Boon Liat Building in Outram up for sale again at lower S$1 billion reserve price
The price tag translates to a land rate of about S$1,757 psf ppr
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[SINGAPORE] Freehold Tan Boon Liat Building has been put up for collective sale again at a lower reserve price of S$1 billion, about 13 per cent below the reserve price listed in the previous attempt.
The 15-storey building was first launched in February 2025 with a reserve price of S$1.15 billion. The site drew expressions of interest, but ultimately closed without a deal.
The Urban Redevelopment Authority (URA) has advised that the industrial site be rezoned for residential with commercial use.
The rezoning could see the large site at 315 Outram Road gain a 50 per cent uplift in allowable gross floor area (GFA), with a plot ratio increase from 3.1 to 4.9, said marketing agent Cushman & Wakefield on Wednesday (Feb 25).
The URA has also advised that three remnant state land plots be amalgamated with the main plot. The combined site area is about 175,655 square feet (sq ft).
The potential GFA, including the state plots plus any bonus GFA entitlements, adds up to about 1,024,360 sq ft.
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Potential buyers of the site will be able to build up to 1,500 square metres (sq m) of commercial GFA on the first storey and are required to set aside at least 10,000 sq m for serviced apartments with a minimum stay of three months.
Based on the new reserve price, including the land betterment charge payable for rezoning and premiums payable for the bonus GFA and remnant land, buyers would have to pay an estimated land rate of S$1,757 per square foot per plot ratio (psf ppr). This is lower than the previous S$1,888 psf ppr land rate.
The sale of the site is not expected to incur additional buyer’s stamp duty (ABSD) for the developer, as the plot currently has a Business 1 zoning. Developers acquiring land for residential use face a 40 per cent ABSD on their land purchase, including a non-remittable 5 per cent.
Christina Sim, Cushman & Wakefield’s senior director of capital markets, said: “Residential projects, especially those located at the city fringe, are expected to attract strong buyer interest. Added to this are extremely favourable credit conditions with interest rates at historic lows.”
Private residential launches in the Havelock vicinity have seen robust demand. As at end-2025, Zyon Grand had sold 86 per cent of its 706 units at a median price of S$3,039 psf. Promenade Peak had sold 65 per cent of its units, at a median price of S$2,926 psf.
The tender for 315 Outram Road closes on May 12.
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