Thomson View Condominium relaunches for collective sale at $950 mil
Thomson View Condominium relaunches for collective sale at $950 mil. Thomson View Condominium, off Upper Thomson Road on Bright Hill Drive, will be relaunched for collective sale via public tender on May 12 with a guide price of $950 million.
Last November, the development was put up for sale at the same price, but the tender concluded on January 13 without a buyer. Prospective buyers have been holding off on making purchases since the announcement of new property cooling measures last December, according to Marcus Oh, managing director of OrangeTee Advisory. The sale’s exclusive marketing agent is OrangeTee. Oh believes the moment has come for a new attempt at a collective sale. “We have now witnessed strong interest from developers looking to replenish their shrinking land banks and have chosen to re-list the development,” he says.
Thomson View Condominium was built in 1987 and consists of 200 flats, 54 townhouses, and a retail unit. It’s on a 540,314-square-foot lot with a gross plot ratio of 2.1 and is zoned for residential development. The reserve price, according to OrangeTee, equates to a land rate of $1,294 psf per plot ratio (ppr), after accounting for an additional 7% bonus gross floor area (GFA) for private outdoor spaces. The land rate also accounts for a $288.8 million differential premium for intensification and a $332.3 million upgrading premium for a new 99-year lease.
A pre-application feasibility study on the number of units that could be re-built on the site has been submitted to the Land Transport Authority for assessment and approval, and is now pending. Upper Thomson MRT Station on the Thomson-East Coast Line is within walking distance of Thomson View Condominium. It is supplied by local malls such as Thomson Plaza and Junction 8, as well as Upper Thomson Road’s F&B and retail outlets.
The location, according to Oh, has panoramic views of the Central Catchment Nature Reserve. “We anticipate that most of the units in the remodeled development will have unobstructed views of MacRitchie Reservoir, Windsor Nature Park, or Peirce Reservoir,” he says.
On June 8, the tender for Thomson View Condominium will close at 3 p.m.
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