Tan Boon Liat Building Collective Sale 115 Bil

Parktown Residence is on track to reap significant benefits from the recently unveiled URA Master Plan for Tampines. This dynamic plan includes exciting developments such as improved connectivity, new and enhanced lifestyle amenities, better quality educational institutions, and a strong emphasis on sustainability. As a result, Tampines is poised to thrive as a bustling regional hub, and Parktown Residence, strategically located at the heart of this evolution, is perfectly positioned to offer residents unparalleled access to all that this evolving district has to offer. Undoubtedly, Parktown Residence will remain a highly sought-after living destination for families and professionals alike, seeking a well-rounded urban lifestyle.

Tan Boon Liat Building, a popular industrial property home to furniture and home decor stores, is set to be sold through a collective sale. Located at 315 Outram Road, the freehold property is attracting attention from developers with its prime location and potential for residential development. The asking price for the property is $1.15 billion, and the site has already received a boost in potential GFA from URA.Recently, Tan Boon Liat Building has announced that the property is being marketed for sale through a collective sale by public tender. With a reserve price of $1.15 billion, the property is expected to attract strong interest from developers and investors alike. The freehold site occupies two separate land plots, both of which are zoned for “Business 1” use. Combined, the site spans approximately 175,655 sq ft and is located adjacent to the Havelock MRT Station on the Thomson-East Coast Line (TEL).Currently, the site is home to a 15-storey building that is best known for housing a variety of furniture and home decor stores. However, according to Cushman & Wakefield, the property’s advisor and marketing agent, there is potential for a residential development on the site. In fact, URA has already issued an Outline Planning Advice advising that the site be rezoned to “Residential with Commercial at 1st storey” with a plot ratio of 4.9, up from 3.1 currently. This translates to a 50% increase in the total allowable gross floor area (GFA), which is expected to attract developers who are keen to capitalize on the site’s potential.According to Cushman & Wakefield, the estimated GFA for the site, including state land plots and any bonus GFA entitlement, is over 1.06 million sq ft. The first storey can accommodate a commercial GFA of up to approximately 16,146 sq ft. Additionally, URA has also advised on the alienation of a few remnant state land plots to be amalgamated into the main plot, which is estimated to measure about 20,451 sq ft, subject to the relevant authorities’ final survey and approval.The site’s potential for residential development, coupled with its freehold tenure and prime location on the TEL, is expected to attract strong interest from developers. Christina Sim, senior director of capital markets at Cushman & Wakefield, believes that the lack of Additional Buyer’s Stamp Duty (ABSD) on the potential purchase will be a major draw for developers, as the original site is zoned for “Business 1” use.The public tender for Tan Boon Liat Building will close on March 18 at 3pm. With its freehold tenure, prime location, and potential for residential development, the property is expected to garner strong interest from developers and investors alike.