Condominium

Thomson View Condominium to be relaunched for S$950 million bulk sale

SINGAPORE: Thomson View Condominium will be relaunched for collective sale at the same indicative price of S$950 million, marketing agent OrangeTee Advisory said on Wednesday (May 11).

When the previous tender was launched last November, it was the largest residential collective sales effort by price quantum in 2021.

The relaunch will open by public tender on May 12 and end at 3 p.m. on June 8, 2022.

Located near the Upper Thomson MRT station, Thomson View was completed in 1987 and sits on a site of approximately 540,314 square feet. It includes 200 apartments, 54 townhouses and a commercial unit.

As part of the 2019 master plan, the site is zoned for residential development with a gross land ratio of 2.1.

“The reserve price translates to a land rate of S$1,294 per square foot per plot ratio, after taking into account an additional 7% additional gross floor area for private outdoor spaces, an estimated differential premium of S$288 S$.8 million for intensification and approximately S$332.3 million in upgrade premium for a new 99-year lease,” OrangeTee Advisory said.

A pre-application feasibility study on the number of units that can be rebuilt on the site has been submitted for review by the Land Transport Authority and is pending approval from the authority.

The latest launch in November prompted “several inquiries and site visits from interested parties,” said Marcus Oh, managing director of OrangeTee Advisory.

“However, due to the small window of less than a month between the announcement of property cooling measures in December 2021 and the closing of the tender in January 2022, potential buyers have decided to put their acquisition decisions,” he added.

“We have since observed strong interest among developers to replenish their dwindling land reserves and have decided to put the development back on the market.”

Mr Oh added that the new development is expected to generate significant interest among potential buyers due to the limited supply of residential accommodation in District 20, which includes estates in Ang Mo Kio, Bishan and Thomson.


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