Thomson View relaunched at lower S$918m price for en-bloc.

Thomson View Condominium was put up again for collective sale – but this time, at a lower S$918m reserve price. This is compared to the S$950m that had been set as the price for relaunches of 2022 or the previous year.

Edmund Tie, Thomson View’s exclusive marketing agent for the past two years, announced on Tuesday (February 27) that authorities have given no objections in principle to redeveloping a site into 1,240 apartments based upon an average apartment size (sq m) of 85 sq m.

The lower price reflects an average land rate (psf/ppr) of S$1,282 including a 7 per cent bonus on gross floor area as well as the land-improvement charge.

It also included a premium for lease upgrades to increase the term to 99 years. This is because the site’s existing leasehold has the same tenure since 1975.

The site has a residential zone with a plot ratio (or ratio of plots) of 2.1. That could result in a total gross floor area of up to 112,792 sq. m.

Its sale does not require a feasibility study.

The site has everything that discerning buyers and investors are looking for, including its proximity to Upper Thomson MRT, nearby amenities, and nearby education institutions.

Residential projects with a combination these selling points have shown to be successful at the project launch.

Edmund Tie will accept offers until 3 pm, April 18.

Thomson View is a 1987 development that sits on land measuring 540,314 sq ft. There are 255 apartments and 54 townhouses in the 255-unit development. A 29-storey tower houses a 200-unit apartment block and a store unit.

The last time this development was on the market, in May 2022 with a guide price S$950,000,000, it failed to relaunch the project at the reserve amount of S$950,000,000 in November 2021.

In 2013, the condo unit was also sold collectively for S$590,000,000, but this deal was voided because the former agent offered incentives payments to four owners in order to get them sign the sale contract.

Four attempts to restart the sale of the site in 2018 failed.

Read up more on : The Continuum


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