Thomson View en-bloc sale now lower at S$918m reserve price

Thomson View Condominium will be put up for a collective sale once again. However, the reserve price is now S$918m rather than the S$950m set by the relaunches scheduled in 2022 or last year.

Edmund Tie – Thomson View’s exclusive marketing representative – said on Tuesday, February 27, that authorities had advised in principle no objection to the redevelopment site so as to yield 1,240 units of residential housing based an 85 square metre (sq. m.) average apartment.

The lower reserve is based on a land rate S$1,282 for each square foot of gross floor space, plus an additional bonus of 7% and the Land Betterment Charge (for intensification).

It has also taken into account a lease upgrade premium to boost the lease to a new 99-year term, as the current leasehold for the site is valid since 1975.

The site is zoned as residential with a ratio of plots of 2.1. This can potentially result in 112,792 m2 of gross floor space.

Its sale won’t require a pre-application feasibility study.

The site meets all of the criteria that home buyers and potential investors look for. It is located near the Upper Thomson MRT and has easy access to nearby essential amenities as well as nearby educational institutions.

The launch of new residential projects which combine these key selling features has proven successful.

Edmund Tie must receive all offers by Wednesday, April 18, 3 pm.

Thomson View was built in 1987 on 540.314.4 square feet of land. Out of its 255 unit, 54 are townhouses. A 29-storey apartment building and shop unit make up the other 200.

The development last went on sale in May 20, 2022 at an estimated price of S$950,000,000. This was after a failed relaunch with a reservation price of the exact same amount in November, 2021.

The deal was cancelled, after it was discovered that the former marketing representative had offered incentives to the four owners to encourage them to sign the sales agreement.

The four attempts made to relaunch site sales in 2018 all failed.

Read up more on Hong Leong’s new freehold condo: Kassia

error: Content is protected !!