View Full Version : Thomson View sold $590mil
Largest enbloc outside D9/10/11...
Upper Thomson road is heating up ....
Wow, how much did each owner take home?
Come to think of it. Is the buyer UOL?
Estimated break even cost for new development is $1327...
Estimated break even cost for new development is $1327...
$1300 was the price of Thomson Grand.
hdb 1 million coming soon...enbloc $$=panoramic view hdb next to MRT...:D
:scared-1: :scared-5: :scared-4: :scared-2: :eek: :scared-1:
There is no end to price increase!!!
http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1224418/1/.html
$712psf for land. That's about as much as how much UOL paid for the plot behind it.
http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1224418/1/.html
$1300 was the price of Thomson Grand.
Elevated ground, next to MRT, near amenities and aitong... The new development will cost more...One challenge like what TG faced is the west sun that comes with the unblocked view.
actually that building is quite an icon...round shape i always see it when i pass that area sad to see it go...but heck owners get 1.6 to 3 mil each who the hell needs an icon...:D...$$$ first
SICC view and walking distance to Thomson MRT... should be a good sell if the market stays bouyant.
Cannot imagine the congestion along Upper Thomson Road after all the condos are up... anywhere can build something, government will zone up... really crowded.
Elevated ground, next to MRT, near amenities and aitong... The new development will cost more...One challenge like what TG faced is the west sun that comes with the unblocked view.
the elevated land is a big attraction i feel.
There are 3 transactions done in July and Aug 2012... these owners get charged16% SSD?!:scared-4:
Is like the Pearl Bank of the North....
There are 3 transactions done in July and Aug 2012... these owners get charged16% SSD?!:scared-4:
done at 1.1 mil plus ssd 250k...=1.35mil...plus plus plus....lets say total cost =1.4 to 1.5mi....but they get 1.6mil....still earn 100k.....not bad;)
SICC view and walking distance to Thomson MRT... should be a good sell if the market stays bouyant.
Cannot imagine the congestion along Upper Thomson Road after all the condos are up... anywhere can build something, government will zone up... really crowded.
any area in singapore not crowded is NOT singapore...
woodlands/east coast/pasir ris/punggol/thomson...:doh::doh::doh::doh:
The view
http://cdn-sg2.pgimgs.com/images/thumb/1/b/d/b/1bdba522643973_1_V550.jpg
Is like the Pearl Bank of the North....
yup i also say...:D
any area in singapore not crowded is NOT singapore...
woodlands/east coast/pasir ris/punggol/thomson...:doh::doh::doh::doh:
Even monkeys and wild boars feel it...
The view
http://cdn-sg2.pgimgs.com/images/thumb/1/b/d/b/1bdba522643973_1_V550.jpg
the new view....
$$$$$$$$$$$$:D
done at 1.1 mil plus ssd 250k...=1.35mil...plus plus plus....lets say total cost =1.4 to 1.5mi....but they get 1.6mil....still earn 100k.....not bad;)
reno? and new prop cost more than this too.
Allthepies
06-09-12, 22:51
712psf land cost, looks quite reasonable?
reno? and new prop cost more than this too.
i think those that bought already know whats going to happen they must have done their sums....enbloc is a long process...:2cents:
712psf land cost, looks quite reasonable?
Haven't count the development charge and lease top-up.
Allthepies
06-09-12, 22:58
Haven't count the development charge and lease top-up.
All inclusive final land cost
Haven't count the development charge and lease top-up.
one to rival sky habitat and probably help sky habitat sell a few units.
This greenery view bit much for me.... one shade green no texture nor layer... gone case.
those that bought 20 years ago huat BIG BIG:2cents:....but as usual when interview by newspaper they will say sad to leave hard to find new place this size...bla bla bla but inside all laughing...:rolleyes:
All inclusive final land cost
Yeah you are right, I found the details in the older thread.:)
254 newly minted millionaires will be out shopping soon with their half a bil warchest.....talk about multiplier effect. If they still want to stay ard thomson area, expect prices there to hit northwards.....be it HDB resale, condos or landed.
We might see a spike in resale demand for Clover, Meadows or maybe even Centro residences and sky habitat. :D
We might see a spike in resale demand for Clover, Meadows or maybe even Centro residences and sky habitat. :D
sky habitat may just be saved. lol. I pity d'leedon. That project needs a saviour that's no where in sight.
bargain hunter
07-09-12, 02:27
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_08FCCB553AE1FE3448257A71003F508E/$file/annfinaljv.pdf?openelement
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_DC05843DBC3DFC3848257A71003F3CB8/$file/pressreleasefinal.pdf?openelement
the buyer is a Joint Venture between Wee Hur (51%, not exactly a major developer) and Lucrum Capital (49%, private equity fund).
Wee Hur's market capitalisation is < $200m. its share of the $590m is $301m. This is for land cost alone.
Based on the 712psf ppr all in price, ie topping up lease and development charges (if any) etc, the total cost BEFORE construction is:
712psf*2.1plot ratio*540,314.4 sq ft = $808m. Wee Hur needs to contribute $412m even before adding construction costs.
With financial commitment for Parc Centros, the company is already net debt. seems like a lot of borrowings is required for this.
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_08FCCB553AE1FE3448257A71003F508E/$file/annfinaljv.pdf?openelement
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_DC05843DBC3DFC3848257A71003F3CB8/$file/pressreleasefinal.pdf?openelement
the buyer is a Joint Venture between Wee Hur (51%, not exactly a major developer) and Lucrum Capital (49%, private equity fund).
Wee Hur's market capitalisation is < $200m. its share of the $590m is $301m. This is for land cost alone.
Based on the 712psf ppr all in price, ie topping up lease and development charges (if any) etc, the total cost BEFORE construction is:
712psf*2.1plot ratio*540,314.4 sq ft = $808m. Wee Hur needs to contribute $412m even before adding construction costs.
With financial commitment for Parc Centros, the company is already net debt. seems like a lot of borrowings is required for this.
According to BT, the plot can be redeveloped into a new condominium with about 950 units averaging 1,200 sq ft. So potentially, they could build 1628 units using the new formula GFA/700sqft.
If they dont have the financial muscle like how Capitaland is holding on to D Leedon, then I would expect them to price it very competitively.
phantom_opera
07-09-12, 09:31
Wee Hur is taking too much risk, company already highly geared
:scared-1:
bargain hunter
07-09-12, 09:33
they priced competitively for parc centros and it sold well.
According to BT, the plot can be redeveloped into a new condominium with about 950 units averaging 1,200 sq ft. So potentially, they could build 1628 units using the new formula GFA/700sqft.
If they dont have the financial muscle like how Capitaland is holding on to D Leedon, then I would expect them to price it very competitively.
phantom_opera
07-09-12, 09:43
99LH can also enbloc, location and land size more important :p
Wild Falcon
07-09-12, 10:10
The $712psfppr is ALL IN COSTS - not fantastic. Thats usually the case. The owners get less with a portion going to lease topup and plot intensification. Having said that I think there is quite a bit of plot intensification which means owners make significant premium from the enbloc. Not so much land value has gone up, but plot intensification. i think some bros have added in the development charge to compute the breakeven costs? That is wrong. It's already in the 712psfppr.
Haven't count the development charge and lease top-up.
The $712psfppr is ALL IN COSTS - not fantastic. Thats usually the case. The owners get less with a portion going to lease topup and plot intensification. Having said that I think there is quite a bit of plot intensification which means owners make significant premium from the enbloc. Not so much land value has gone up, but plot intensification. i think some bros have added in the development charge to compute the breakeven costs? That is wrong. It's already in the 712psfppr.
Where these enbloc millionaire going to go? Get ready for 1+m hdb in bishan
Wee hur got so much capital??
phantom_opera
07-09-12, 10:23
Wee hur got so much capital??
share price flat, that means even insiders not sure this is good or bad move
Parc Centros will probably be completed in lightning speed now :cheers4:
lol
Wild Falcon
07-09-12, 10:25
$590 million less development charge of approx $107 million and leasetopup of $90 million to the govt (taken from some old report)? That's left with $390 million for the owners ($477psfppr). Lucky got significant plot intensification - which offset the lease depreciation. without plot intensification, they wouldn't be able to enbloc at a premium. I think the owners seems desperate to enbloc because lease running down.
Who says no diff between FH and LH? Had it been FH, the owners will get the extra $90 million and assuming 200 units, I guess each unit will get almost 450k more had it been freehold.
share price flat, that means even insiders not sure this is good or bad move
Parc Centros will probably be completed in lightning speed now :cheers4:
lol
Or will they do a fund raising?
Where these enbloc millionaire going to go? Get ready for 1+m hdb in bishan
4 room HDB 100 to 110 sq m in next door Sin Ming HDB/Bright Hill estate can still be bought for under 500K.
If Wee Hur gives competitive pricing for this devt, it should be able to sell well.
They should form joint venture with UOL to amalgamate the two plots. Perhaps that is the master game plan? I presume UOL have the financial muscle for it. It does not make sense for them to compete with each other, rather join forces for this project.
bargain hunter
07-09-12, 10:30
as per my earlier post,
http://forums.condosingapore.com/showpost.php?p=303577&postcount=34
wee hur's market cap is <200m. i think 712psf all in cost comes up to $808m. wee hur's 51% share is $412m. they will need any combination of increased borrowings/placement of new shares/rights issue.
construction costs not included in calculation yet. that also depends on how "high end" they want to position the project.
Wee hur got so much capital??
bargain hunter
07-09-12, 10:33
590m does not include the lease top up i think.
becoz if u use 712psf to multiply with the plot ratio and multiply with the land area, u will get $808m.
$590 million less development charge of approx $107 million and leasetopup of $90 million to the govt (taken from some old report)? That's left with $390 million for the owners ($477psfppr). Lucky got significant plot intensification - which offset the lease depreciation. without plot intensification, they wouldn't be able to enbloc at a premium. I think the owners seems desperate to enbloc because lease running down.
Who says no diff between FH and LH? Had it been FH, the owners will get the extra $90 million and assuming 200 units, I guess each unit will get almost 450k more had it been freehold.
on top of that 3% stamp duty...
Timely to enbloc otherwise will be inconvenience in this area when thomson line construction commences.
taken from BT
[SINGAPORE] Thomson View condominium has been sold to a consortium led by Wee Hur Development Pte Ltd and Lucrum Capital Pte Ltd for $590 million after two previously unsuccessful en bloc attempts.
Including an estimated $107 million premium to enhance the property's use and a $90 million premium to top up the lease from the remaining 62 years to 99 years, this translates to $712 per square foot per plot ratio (psf ppr).
The 540,314-sq-ft site, located along Upper Thomson Road, is designated for residential use with a 2.1 plot ratio and 24-storey maximum height.
It comprises 100 residential apartments of 1,313 sq ft, another 100 residential apartments of 2,023 sq ft, 54 townhouses of 3,842 sq ft and one shop lot of 1,862 sq ft.
With the collective sale, owners are expected to receive proceeds of $1.62 million, $2.30 million, $3.59 million and $2.82 million respectively, representing an en bloc premium of 30 to 40 per cent above the current resale prices of individual units, according to marketing agent HSR.
The plot can be redeveloped into a new condominium with about 950 units averaging 1,200 sq ft.
The site was first launched in the collective site market in November 2007, with an indicative asking price of $550 million, which works out to $652 psf ppr. That sale, however, failed to attract any bidders.
Its second attempt in November 2011, too, proved unsuccessful.
In 2011, the site was marketing at between $595 million and $635 million, which translates to between $694 and $732 psf ppr.
It was launched for en bloc a third time in April this year for $580 million, which together with the associated premiums translated to $685 psf ppr.
According to Jeffrey Goh, head of investment sales, HSR, the sale was "boosted by the announcements of the Upper Thomson MRT station slated for completion in 2020".
bargain hunter
07-09-12, 10:37
sis, 540k sq ft of land of thomson view already very big leh. u want to combine somemore and make it into one super big project? later like d'leedon like that, can't sell how? :p
i think its better to provide different projects, more options for buyers.
besides, the uol plot has a time limit which has started ticking already.
this en bloc plot, still need to wait for strata titles board to approve etc, gonna take awhile also. seems unlikely to be combined.
4 room HDB 100 to 110 sq m in next door Sin Ming HDB/Bright Hill estate can still be bought for under 500K.
If Wee Hur gives competitive pricing for this devt, it should be able to sell well.
They should form joint venture with UOL to amalgamate the two plots. Perhaps that is the master game plan? I presume UOL have the financial muscle for it. It does not make sense for them to compete with each other, rather join forces for this project.
sis, 540k sq ft of land of thomson view already very big leh. u want to combine somemore and make it into one super big project? later like d'leedon like that, can't sell how? :p
i think its better to provide different projects, more options for buyers.
besides, the uol plot has a time limit which has started ticking already.
this en bloc plot, still need to wait for strata titles board to approve etc, gonna take awhile also. seems unlikely to be combined.
Ah....didn't realise there will be a significant delay in the strata title board approval....so the launch of the UOL plot should be quite fast....like within the next year or so?
sis, 540k sq ft of land of thomson view already very big leh. u want to combine somemore and make it into one super big project? later like d'leedon like that, can't sell how? :p
i think its better to provide different projects, more options for buyers.
besides, the uol plot has a time limit which has started ticking already.
this en bloc plot, still need to wait for strata titles board to approve etc, gonna take awhile also. seems unlikely to be combined.
very unlikely, and I am not even sure if URA will allow the plots to be combined. Lets not forget that Wee Hur might even drag the enbloc completion and not tear down the project too soon because the project could probably sell better if the TOP date is set nearer to the completion date of the thomson line.
bargain hunter
07-09-12, 11:00
yes, its always faster to turnaround GLS sites.
Ah....didn't realise there will be a significant delay in the strata title board approval....so the launch of the UOL plot should be quite fast....like within the next year or so?
Wild Falcon
07-09-12, 11:06
http://www.businesstimes.com.sg/premium/top-stories/thomson-view-fetches-590m-en-bloc-sale-20120907
Oh issit? Usually the quotation of the enbloc price is all-in, including lease topup and development charge. See article from BT above. Anyway, still a significant premium to the sellers.
590m does not include the lease top up i think.
becoz if u use 712psf to multiply with the plot ratio and multiply with the land area, u will get $808m.
bargain hunter
07-09-12, 11:06
good points. but financially, not sure if its such a good idea if drag for too long.
very unlikely, and I am not even sure if URA will allow the plots to be combined. Lets not forget that Wee Hur might even drag the enbloc completion and not tear down the project too soon because the project could probably sell better if the TOP date is set nearer to the completion date of the thomson line.
bargain hunter
07-09-12, 11:13
"Thomson View condominium has been sold to a consortium led by Wee Hur Development Pte Ltd and Lucrum Capital Pte Ltd for $590 million after two previously unsuccessful en bloc attempts.
Including an estimated $107 million premium to enhance the property's use and a $90 million premium to top up the lease from the remaining 62 years to 99 years, this translates to $712 per square foot per plot ratio (psf ppr).
The 540,314-sq-ft site, located along Upper Thomson Road, is designated for residential use with a 2.1 plot ratio and 24-storey maximum height.
It comprises 100 residential apartments of 1,313 sq ft, another 100 residential apartments of 2,023 sq ft, 54 townhouses of 3,842 sq ft and one shop lot of 1,862 sq ft.
With the collective sale, owners are expected to receive proceeds of $1.62 million, $2.30 million, $3.59 million and $2.82 million respectively"
based on the info highlighted in bold above, the sum the owners receive is $590m. on top of that, the developer has to pay another 107m and 90m. so total is $787m.
wee hur's 51% stake means it needs to come up with 400m even before the construction starts.
http://www.businesstimes.com.sg/premium/top-stories/thomson-view-fetches-590m-en-bloc-sale-20120907
Oh issit? Usually the quotation of the enbloc price is all-in, including lease topup and development charge. See article from BT above. Anyway, still a significant premium to the sellers.
good points. but financially, not sure if its such a good idea if drag for too long.
whats the worst can happen..wee hur go bankrupt who suffer shareholder....simple...:D
those that bought 20 years ago huat BIG BIG:2cents:....but as usual when interview by newspaper they will say sad to leave hard to find new place this size...bla bla bla but inside all laughing...:rolleyes:
yap leasehold somemore:D
speculator
07-09-12, 13:05
as per my earlier post,
http://forums.condosingapore.com/showpost.php?p=303577&postcount=34
construction costs not included in calculation yet. that also depends on how "high end" they want to position the project.
Launch as Thomson Grandest
Parc Thomson? Thomson Centros? Thomson Imperial? Thomson Infinite? Lol.
phantom_opera
07-09-12, 15:19
Thomson Wee
Wee = Wee Hur
wee hur's 51% stake means it needs to come up with 400m even before the construction starts.
Ur numbers are correct.
And dun worry abt wee hur. It will get financing. Low rate not only benefits small time borrowers like us, it benefits big time borrowers too. Ever wonder why so many corporate acquisitions ? Money is really cheap now
If they pull this one off. They will join the big league like sim lian.
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