Buyers going for bigger resale units in Thomson area

Faber Garden Condo (foreground), the upcoming Bright Hill MRT station, Flame Tree Park (white towers in background) and Thomson Impressions (new black towers on the left) Credit: Samuel Isaac Chua/ The Edge Singapore
From 2H2017 to 1H2018, as the en bloc sales momentum picked up, so did transactions in the resale market. “The pickup in the property market extended across the whole of Singapore,” says Nicholas Mak, executive director of ZACD Group.
The Thomson-Sin Ming-Bright Hill area likewise benefited from the pickup. In mid-April, owners of Faber Garden Condo on Upper Thomson Road launched their site for collective sale at a reserve price of $1.18 billion. The freehold 5.1ha site has a maximum gross floor area of 871,581 sq ft, which translates into a land rate of $1,414 psf per plot ratio (ppr), including development charge. With additional 10% GFA for balcony space, the land rate is lowered to $1,342 psf ppr. However, the tender closed without a bid.
All eyes are now on the upcoming launch of Jade Scape, Qingjian Realty’s much anticipated condominium project on the site of the former Shunfu Ville. Qingjian purchased the privatised HUDC estate en bloc for $638 million ($747 psf ppr) in May 2016. The new 1,206-unit, 99-year leasehold development is expected to be launched next month. “Given Qingjian’s pricing track record, the launch price will be reasonable,” according to Jimmie Long, division director at PropNex Realty. “I expect demand to be healthy.”
Jade Scape is located on Marymount Road, with the Marymount MRT station a short seven-minute walk away.
The upcoming launch is having a positive impact on condos in the rest of the Thomson area. At the soon-to-be-completed 288-unit Thomson Impressions by Nanshan Group, a 2,034 sq ft, strata, semi-detached house was sold for $2.5 million ($1,229 psf), according to a caveat lodged on July 4.
The 339-unit Thomson Grand by CK Asset Holdings (former Cheung Kong Property Holdings) saw two resale transactions in July. The most recent one was a 1,367 sq ft, three-bedroom unit on the seventh floor that changed hands for $1.74 million ($1,273 psf), according to a caveat lodged on July 23. The previous owner paid $1.68 million ($1,229 psf) for the unit in December 2011, thus pocketing a profit of $0.06 million from the sale.
Launched in July 2011,...