Thomson View Owners Seek to Reduce Reserve Price by 12% to S$808 Million Amid Collective Sale Efforts

October 10, 2024

CONDOsingapore.com

Following an unsuccessful tender in September, owners of Thomson View condominium are aiming to lower the reserve price for its collective sale from S$918 million to S$808 million as they pivot to private treaty negotiations.

Marketing agent Edmund Tie confirmed that approximately 60% of owners have agreed to the revised reserve price, reflecting a 12% reduction. At the new price of S$808 million, the land rate would amount to S$1,176 per square foot per plot ratio (psf ppr), inclusive of costs for land betterment charges and a lease upgrading premium to renew the tenure to 99 years. Factoring in an 8% bonus floor area, the adjusted land rate would be S$1,141 psf ppr.

Edmund Tie emphasized that the revised reserve price will only take effect once over 80% of owners (by strata area and share value) sign a supplemental agreement. Under the original S$918 million reserve price,the land rate remains at S1,275 psf ppr.

Spanning 50,197 square meters (sq m) with a residential zoning and 2.1 plot ratio, the site offers a potential gross floor area of 112,792 sq m (1.2 million sq ft). The existing development, built on a lease commencing in 1975, includes 200 apartments, 54 townhouses, and a retail unit. If redeveloped, the site could accommodate up to 1,240 new residential units, assuming an average apartment size of 85 sq m.

Swee Shou Fern, Head of Investment Advisory at Edmund Tie, noted that no pre-application feasibility study is required for the project, streamlining the process for potential buyers.