Tan Boon Liat Building, one of Singapore’s best-known furniture hubs, has been conditionally sold en bloc for S$950 million to Kingsford Havelock, a company under Kingsford Group.
According to marketing agent Cushman & Wakefield, it is likely Singapore’s largest collective sale transaction so far in 2026.
However, the word “sold” needs a small asterisk beside it. The deal is not fully completed yet, and the furniture shops are not being chased out tomorrow.
What Does an En Bloc Sale Mean?
An en bloc, or collective, sale happens when the owners of the individual units agree to sell the entire development together.
The buyer normally purchases the whole site, demolishes the existing building and constructs a new development.
In this case, Kingsford has offered S$950 million for the freehold Tan Boon Liat site at 315 Outram Road.
The transaction still requires approval from owners representing at least 80 per cent of the development’s strata area and share value. The owners are expected to be briefed about the offer at an extraordinary general meeting.
The sale must also receive approval from the Strata Titles Boards.
In other words, a buyer has appeared and a price has been agreed upon, but several boxes still need to be ticked.
They Originally Wanted S$1.15 Billion
The building was first put up for collective sale in February 2025 with a reserve price of S$1.15 billion.
Although there was interest from potential buyers, the tender closed in March 2025 without receiving a bid.
The owners tried again in February 2026. This time, they lowered the reserve price to S$1 billion.
Kingsford’s eventual S$950 million offer is S$50 million below that revised price and S$200 million below the original asking price.
Basically, the price tag went from S$1.15 billion to S$1 billion before someone finally said, “How about S$950 million?”
Why Would a Developer Pay So Much for an Old Furniture Building?
Tan Boon Liat Building was completed in 1976 and is currently classified mainly for light industrial use.
However, the Urban Redevelopment Authority has indicated that it may support changing the site’s use to residential, with commercial space on the first storey, provided the development meets planning requirements.
The site’s plot ratio could rise from 3.1 to 4.9. In simpler terms, the developer may be allowed to construct approximately 50 per cent more floor space than the present zoning permits.
Planning guidelines could allow twin towers of up to 48 storeys.
The site is also freehold and sits beside Havelock MRT station on the Thomson-East Coast Line, making it an attractive location for a large residential project.
These are planning possibilities, not a confirmed final design. Kingsford has not announced exactly what it will build.
What Happens to the Furniture Shops?
For years, Tan Boon Liat Building has operated like an unofficial furniture mall.
The main 15-storey building contains about 150 units, most of which are used as furniture, carpet, home decoration and furnishing showrooms or warehouses. The furniture cluster began developing around the late 2000s.
Unlike a normal mall, businesses there often recommend neighbouring shops when they do not carry what a customer wants. Tenants have also organised events and produced a building directory together.
That community could now be broken up.
Several tenants told CNA that they did not know when they would be required to leave. Many still have time remaining on their leases and plan to continue operating until they receive formal instructions.
Some businesses are discussing relocating together so that Tan Boon Liat’s furniture ecosystem can continue elsewhere. By the afternoon of 21 July, representatives of 13 brands had reportedly expressed interest in a collective move.
Relocation will not be simple. Furniture retailers need large showrooms and storage spaces, while customers visit Tan Boon Liat precisely because many different brands are gathered in one building.
So, Is Tan Boon Liat Closing?
Probably eventually, provided the collective sale receives all the necessary approvals.
However, as of 22 July 2026, the shops remain open and tenants have not been given a confirmed date to vacate.
Should the transaction be completed, the familiar furniture hub will likely make way for a major residential and commercial development. Until then, you can still visit without expecting to find a bulldozer parked beside the sofa showroom.
