Thomson View Condominium to lower reserve price from S$918 million to S$808 million

Singapore, 9 October 2024 – The collective sale of Thomson View Condominium has entered into private treaty negotiation, after its second tender closed on 6 September 2024 without any bids meeting its reserve price of S$918 million. The ten-week private treaty period will expire on 14 November 2024. Edmund Tie & Company is the sole marketing agent for the collective sale of Thomson View Condominium.

The owners recently convened to consider a revision of reserve price from S$918 million to S$808 million. In just over a week, approximately 60% of owners have signed the Supplemental Agreement, giving consent for the proposed revision.

Currently, the reserve price remains unchanged at S$918 million. The new proposed reserve price of S$808 million will take effect only after owners holding at least 80% of the strata area and share value have signed the Supplemental Agreement.

At S$808 million, the land rate would now translate to approximately S$1,176 per sq ft per plot ratio, after factoring in both the land betterment charge for the intensification of land use and the lease upgrading premium to extend the lease to a fresh 99-year tenure. Including an 8% bonus floor area, the land rate will then work out to S$1,141 per sq ft per plot ratio.

Under the Master Plan 2019, the 50,197-sq-m (540,314-sq-ft) site is zoned for “Residential” use with a plot ratio of 2.1. The maximum allowable gross floor area works out to 112,792 sq m (approximately 1.2 million sq ft). Based on an average apartment size of 85 sq m, the proposed redevelopment can build up to 1,240 new residential units. A pre-application feasibility study (PAFS) for the site is also not required.

Ms Swee Shou Fern (徐晓芬), Head of Investment Advisory at EDMUND TIE, says, “We believe that lowering the reserve price is a significant step toward creating the meeting of minds between developers and the owners of Thomson View Condominium. The proposed revised reserve price aims to achieve a compelling win-win opportunity that not only appeal to developers, but also allows the owners to cash out at an attractive enbloc premium.”

“Furthermore, the absence of new private housing projects in the neighbourhood provides developers with an opportunity to tap into demand from a sizeable pool of potential buyers. The locational and site attributes of Thomson View Condominium are unrivalled, which offers a rare opportunity for developers to develop an iconic project in a mature residential estate that is well-served by various amenities, including an unobstructed lush greenery view of the Central Catchment Nature Reserve,” continues Ms Swee.

Located right next to Upper Thomson View MRT station on the Thomson-East Coast Line, Thomson View Condominium enjoys the convenience of access to a plethora of nearby amenities – including Thomson Plaza, with more eateries and cafes located at the shophouses along Upper Thomson Road.

Within proximity are popular schools such as Ai Tong School, Catholic High School, CHIJ St Nicholas Girls School, Raffles Institution and Eunoia Junior College, which will be a draw to families with school-going children. Families may fully utilise the recreational and leisure facilities at MacRitchie Reservoir Park, Bishan Park, Lower Pierce Reservoir Park and the Singapore Island Country Club.

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