SINGAPORE: The owners of strata-titled Tan Boon Liat Building are set to pocket a windfall if the collective sale goes through, but that is if potential developers are willing to fork out billions of dollars for it.
Built in 1976, the 15-storey building at 315 Outram Road was one of Singapore’s earliest high-rise industrial buildings.
It was put on the market on Feb 3 with a reserve price of S$1.15bil.
The tender closes on March 18 at 3pm.
With the addition of a land betterment charge that is estimated between S$830mil and S$840mil, a developer would have to shell out close to S$2bil – and that is excluding construction and engineering costs.
This would be a significant investment even for major consortiums, said property firm OrangeTee & Tie chief executive Justin Quek.
Nicholas Mak of local property portal Mogul.sg said it would be one of the biggest collective sales in recent years if it goes through.
“There are very few land sales in Singapore that cross the billion-dollar mark, private or not,” he said.
“In terms of government land sales, in the past five years, there was one in Marina Gardens and another in Zion Road that crossed the S$1bil mark.”
The Zion Road Parcel A had a land price of S$1.1bil in April 2024 and was bought by City Developments and Mitsui Fudosan.
The Marina Gardens Lane site was sold in July 2023 with a land price of S$1.03bil. — The Straits Times/ANN
