The Tan Boon Liat Building, a notable freehold commercial property located along Outram Road, has made waves in the real estate market with its recent listing for a staggering S$1.15 billion. Spanning a land area of 175,655 square feet, this property offers a current gross plot ratio of 3.1, with hopes for an increase to 4.9 through a proposed rezoning.
This rezoning, supported by the Urban Redevelopment Authority (URA), suggests transforming the site from a business-centric focus to a mixed-use development, combining residential units with commercial space on the first floor. The proposed redevelopment could greatly enhance the site's attractiveness, as it includes a potential 50% increase in gross floor area and allows for a maximum building height of 180 meters.
This aims to maximize land use efficiency and align with the ongoing urban transformation of the Outram area. Additionally, its strategic location adjacent to Havelock MRT station and close proximity to the bustling Central Business District and Orchard Road makes it an ideal spot for residents and businesses alike. The property's attractiveness should be considered against the backdrop of cooling measures impact on Singapore's broader real estate market dynamics. Furthermore, the property has been recognized as a furniture and lifestyle hub in Singapore, contributing to its appeal.
Despite the potential, when the tender closed on March 18, 2025, it was reported that no bids had been received. However, there was interest expressed in the plot, leading the collective sale committee to evaluate next steps. This lack of bids highlights a cautious sentiment among developers, particularly in today's challenging property market, where realistic pricing has become essential.
The situation poses considerable implications for future collective sales. While it may dampen some enthusiasm, the enduring interest in city-fringe residential properties remains. With no Additional Buyer's Stamp Duty applicable and the development's rarity, opportunities for value appreciation in the Outram district are still compelling.
Adjustments to the sale price or terms could present fresh prospects, reflecting the ongoing dynamics and fervent interest in high-density, mixed-use developments in the region.
