Singapore property developer Kingsford Group has agreed to acquire the freehold Tan Boon Liat Building in Outram en bloc for S$950 million (€659 million), subject to owners' approval and the fulfilment of certain conditions, as reported by The Business Times.

Exclusive marketing agent Cushman and Wakefield said the transaction likely represents the largest collective sale in Singapore so far this year. The agreed price is 5 per cent below the site's revised reserve price of S$1 billion (€694 million) and approximately 17.4 per cent below its original reserve price of S$1.15 billion (€798 million), at which the building was first launched for collective sale in February 2025 without securing a buyer.

The 15-storey industrial warehouse and showroom landmark sits at the crossroads of Outram Road and Zion Road. The sale remains conditional on securing the support of owners representing at least 80 per cent of the development's share value and strata area, with an extraordinary general meeting to be convened to brief owners on the proposed transaction.

The Urban Redevelopment Authority (URA) has advised that the site's current Business 1 zoning with a plot ratio of 3.1 be rezoned to Residential with Commercial on the first storey and a plot ratio of 4.9, representing a 50 per cent uplift in total allowable gross floor area. The prescribed heights for the new development allow for twin skyscrapers of up to 48 storeys, with a maximum of 1,500 sq m of commercial gross floor area permissible at street level.

Christina Sim, senior director of capital markets at Cushman and Wakefield, said the URA's rezoning decision followed a comprehensive study spanning eight months and could unlock significant value for stakeholders, resulting in an extraordinary uplift in the site's value.

The sale is not expected to incur additional buyer's stamp duty for the developer, as the site currently carries a Business 1 zoning. Developers acquiring land for residential use in Singapore typically face a 40 per cent additional buyer's stamp duty on their land purchase, including a non-remittable 5 per cent component. The transaction is subject to approval by the Strata Titles Boards.