Thomson View Condominium up for collective sale at $918 mil
Thomson View Condominium, located on Bright Hill Drive off Upper Thomson Road, is up for collective sale with a guide price of $918 million. Edmund Tie is the appointed marketing agent for the site.
Completed in 1987, the development comprises 54
townhouses and a 29-sorey block housing 200 apartments and a shop unit. It sits on a 540,314 sq ft site which is zoned for residential use with a gross plot ratio of 2.1. The site has a 99-year tenure with effect from 1975.
According to Edmund Tie, authorities have advised no objection in-principle to the proposed redevelopment of Thomson View Condominium into a new development with 1,240 residential units, based on an average size of 914 sq ft. Additionally, a pre-application feasibility study for the site would not be required.
The reserve price for the site works out to a land rate of $1,282 psf per plot ratio, factoring in the additional 7% bonus gross floor area as well as the premium to top up the lease to a fresh 99 years. The land rate also includes the estimated land betterment charge for the intensification of land use.
Thomson View Condominium sits on an elevated site surrounded by a landed housing enclave. It is within walking distance of Upper Thomson MRT Station on the Thomson-East Coast Line.
Swee Shou Fern, head of investment advisory at Edmund Tie, believes the site ticks all the boxes for home buyers given its proximity to the MRT station, amenities and schools, along with its views overlooking the Central Catchment Nature Park. “New residential projects that possess a combination of these salient selling highlights have proven to perform well at their project launches,” she says.
Recent launches in the vicinity include Amo Residences, which saw 98% of its 372 units taken up during its launch weekend in July 2022. The project recorded an average price of approximately $2,111 psf that month and hit a high of $2,443 psf for a unit sold last November.
Owners of Thomson View Condominium have made collective sale attempts in the past. The most recent attempt was over two years ago, when the development was launched for sale with a reserve price of $950 million in November 2021. It was subsequently relaunched for sale in May 2022 at the same price.
In 2013, the development was put up for sale for $590 million, with the tender awarded to a joint venture between Singapore-listed construction company Wee Hur Development and private equity firm Lucrum Capital. However, the deal was aborted after the marketing agent at the time was found to have offered incentive payments to some owners in exchange for backing the deal.
The tender for Thomson View Condominium will close on April 18 at 3pm.