Thomson View relaunched for en bloc sale at lower S$918 million reserve price

Feb 27, 2024

THOMSON View Condominium has been put up for collective sale again – this time at a lower reserve price of S$918 million, as opposed to the S$950 million price tag pegged to relaunches in 2022 and the year before.

On Tuesday (Feb 27), Thomson View’s latest exclusive marketing agent Edmund Tie said authorities have advised no objection, in principle, to redeveloping the site such that it would yield 1,240 residential units based on an average apartment size of 85 square metres (sq m).

The lower reserve price reflects a land rate of S$1,282 per square foot per plot ratio (psf ppr) including an additional 7 per cent bonus gross floor area, and the land betterment charge for the intensification of land use.

It has also factored in a lease upgrading premium to top the lease back up to a fresh 99-year tenure, as the site’s current leasehold of the same term is effective from 1975.

The site is zoned for “residential” use at a plot ratio of 2.1, which potentially yields a gross floor area of 112,792 sq m.

Its sale will not require a pre-application feasibility study.

Swee Shou Fern, Edmund Tie’s head of investment advisory, said the site “ticks all the boxes in what discerning home buyers and investors would be looking for” given its proximity to the Upper Thomson MRT station, nearby essential amenities, and nearby educational institutions.

“New residential projects that possess a combination of these salient selling highlights have proven to perform well at their project launches,” she added.

Interested parties are invited to submit their offers to Edmund Tie by 3 pm on Apr 18.

Thomson View was completed in 1987 and sits on 540,314 square feet (sq ft) of land area. Of its 255 units, there are 54 townhouses and a 29-storey block housing a shop unit and 200 apartments.

The development was last put on the market in May 2022 at a guide price of S$950 million, after an unsuccessful relaunch at a reserve price of the same amount in November 2021.

In 2013, the condo was also put up for collective sale for S$590 million, but the deal was voided after the former marketing agent was found to have offered incentive payments to four owners to get them to sign the sale agreement.

Four subsequent attempts to relaunch the site’s sale in 2018 fell through.

https://www.businesstimes.com.sg/pro...-reserve-price