Tan Boon Liat Building sold to Kingsford Group for S$950 million

According to Cushman & Wakefield, the Urban Redevelopment Authority had indicated that the site could be rezoned from “Business 1” to “Residential with Commercial at the 1st storey”.

The proposed change would raise the plot ratio from 3.1 to 4.9, representing a 50 per cent increase in allowable gross floor area.

Planning parameters suggest the site could accommodate a development of up to 48 storeys, potentially comprising twin towers.

“By transforming an ageing industrial building into a compelling residential opportunity, we unlocked significant value for the stakeholders, culminating in an extraordinary uplift in the site’s value,” said Ms Christina Sim, senior director of Capital Markets, Singapore at Cushman & Wakefield.

“The site’s freehold tenure, coupled with the fact that the sale did not incur any ABSD (additional buyer’s stamp duty) due to its ‘Business 1’ zoning was also a game changer,” she added.

The sale is subject to approval by the Strata Titles Board. 

It is also subject to the fulfilment of certain conditions and owners’ approval. 

Mr Ashok Melwani, chairman of the Collective Sale Committee, said owners will be briefed at an upcoming extraordinary general meeting, to secure their mandate and support of the majority stakeholders.