Aerial view of Thomson View Condominium (Photo: OrangeTee Advisory)
SINGAPORE (EDGEPROP) - Thomson View Condominium, located on Bright Hill Drive off Upper Thomson Road, will be relaunched for collective sale via public tender on May 12 at a guide price of $950 million.
See also: Thomson View Condominium launched for collective sale at $950 million
The development was launched for sale last November at the same price, but the tender closed on Jan 13 without a successful buyer. Marcus Oh, managing director at OrangeTee Advisory, attributes this to prospective buyers holding back their purchases following the announcement of new property cooling measures last December. OrangeTee is the exclusive marketing agent for the sale.
Oh believes the time is now ripe for a fresh collective sale attempt. “We have since observed keen interest from developers to replenish their diminishing land banks and decided to put the development on the market again,” he says.
Completed in 1987, Thomson View Condominium comprises 200 apartments, 54 townhouses and a shop unit. It sits on a 540,314 sq ft site which is zoned for residential use with a gross plot ratio of 2.1.
According to OrangeTee, the reserve price works out to a land rate of $1,294 psf per plot ratio (ppr), factoring in an additional 7% of bonus gross floor area (GFA) for private outdoor spaces. The land rate also factors in an estimated differential premium of $288.8 million for intensification and an upgrading premium of about $332.3 million for a fresh 99-year lease.
A pre-application feasibility study on the number of units that may be re-built on the site has been submitted for the Land Transport Authority’s review and is pending approval.
Thomson View Condominium is within walking distance to Upper Thomson MRT Station on the Thomson-East Coast Line. It is served by nearby malls such as Thomson Plaza and Junction 8, as well as F&B and retail establishments on Upper Thomson Road.
Oh points out that the site offers panoramic views of the Central Catchment Nature Reserve. “We expect most of the units in the redeveloped project to be able to enjoy an unblocked greenery view of MacRitchie Reservoir, Windsor Nature Park, or Peirce Reservoir,” he adds.
The tender for Thomson View Condominium will close at 3pm on June 8.
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