Thomson View Condominium is a 50,197 sq m site with a reserve price of $950 million. Source: Google Maps
The owners of Thomson View Condominium have once again put up the 99-year leasehold development for collective sale, with a reserve price of $950 million, reported The Business Times (BT), citing exclusive marketing agent OrangeTee Advisory.
This makes the 34-year-old property the biggest residential site by price quantum to be launched for en bloc sale this year.
The reserve price works out to a land rate of $1,293 per sq ft per plot ratio (psf ppr), after factoring in the additional 7% bonus gross floor area for balconies, the $296 million differential premium for intensification and the $324 million upgrading premium for a fresh 99-year lease.
Data from the Urban Redevelopment Authority (URA) as at 8 November showed that units sold at Thomson View since 2019 were transacted at between $939 psf and $1,142 psf.
Featuring 200 apartment units, 54 townhouses and a shop unit, Thomson View Condominium occupies a 50,197 sq m site that is zoned for residential use under the 2019 Master Plan with a gross plot ratio of 2.1. The site could yield up to 1,240 new housing units, subject to the relevant authorities’ approval.
The District 20 development is located near amenities including Thomson Plaza, Upper Thomson MRT station, as well as nature parks such as Lower Peirce Reservoir Park and MacRitchie Reservoir Park.
It is also close to various schools, including Ai Tong School, CHIJ St. Nicholas Girls School and Catholic High School.
OrangeTee Advisory Managing Director Marcus Oh expects sites within the Rest of Central Region which are near amenities and transport nodes to continue to attract home buyers and developers.
“This sizeable five-hectare Thomson View plot is ideal for developers or consortiums looking to create a signature landmark project in the ever-popular District 20 locale,” he said as quoted by BT.
Collective sale committee chairman Henry Toi is “optimistic about a good outcome”, after noting the better-than-expected tender results achieved for the government land sale sites at nearby Lentor Central and Ang Mo Kio Avenue 1.
The tender for Thomson View closes on 13 January 2022.
In 2013, the condominium was put up for en bloc sale for $590 million. However, the High Court voided the deal after it found that HSR International Realtors, the property’s former marketing agent, had offered incentive payments to four owners in exchange for signing the sale agreement.
In 2018, the owners also failed in four collective sale attempts even as they raised the reserve price at $938 million due to failure to meet the requisite 80% approval rate to commence a sale.
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Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: cheryl@propertyguru.com.sg.
