Singapore, 18 October 2024 – Edmund Tie & Company (EDMUND TIE) is relaunching the collective sale of Thomson View Condominium, with the tender closing on 25 October 2024, 3pm.
Under Master Plan 2019, the site is zoned for residential use at a plot ratio of 2.1, which can yield a total gross floor area of about 112,792 sq m or 1,240 residential units based on an average apartment size of 85 sq m. Pre-application feasibility study (PAFS) for the site is not required.
The reserve price for Thomson View Condominium stands at S$918 million under the Collective Sale Agreement. Meanwhile, owners have commenced signing a Supplemental Agreement to the Collective Sale Agreement (“Supplemental Agreement”) to lower the reserve price to S$808 million.
Over a span of about 2 weeks, approximately 65% of the owners have given their consent to revise the reserve price to S$808 million.
The new proposed reserve price of S$808 million will take effect only after owners holding at least 80% of the strata area and share value have signed the Supplemental Agreement.
At S$808 million, the land rate would translate to approximately S$1,176 per sq ft per plot ratio, after factoring in both the land betterment charge for the intensification of land use and the lease upgrading premium to extend the lease to a fresh 99-year tenure. Including an 8% bonus floor area, the land rate will then work out to S$1,141 per sq ft per plot ratio.
Ms Swee Shou Fern (徐晓芬), Head of Investment Advisory at EDMUND TIE, says, “We have seen renewed interest from developers and in the past couple weeks, we have conducted site viewings and discussions with several interested parties. The proposed realignment of the reserve price sets the stage for a compelling win-win opportunity that not only appeals to developers but also allows the owners to cash out an attractive enbloc premium.”
Swee adds, “Thomson View Condominium ticks all the boxes in what discerning home buyers and investors would be looking for – convenience of a MRT station and essential amenities at its doorstep, top-ranked schools in the neighbourhood, and panoramic unobstructed views of lush greenery. New residential projects that possess a combination of these salient selling highlights have proven to perform well at their project launches.”
Thomson View Condominium is unparalleled in its access to a wide suite of amenities. An abundance of retail, dining and lifestyle offerings are readily available at Thomson Plaza and the numerous shophouses lined along Upper Thomson Road. The Upper Thomson MRT station on Thomson-East Coast Line provides quick access to Orchard Road and Central Business District which are only 5 and 9 stops away, respectively.
Families with school-going children would appreciate that the popular Ai Tong School is located within a 1-km radius from Thomson View Condominium, with other educational institutions nearby, including Catholic High School, CHIJ St Nicholas Girls School, Raffles Institution and Eunoia Junior College.
END
For further information contact: Swee Shou Fern (Ms) Executive Director Investment Advisory DID: +65 6393 2523 Email: shoufern.swee@etcsea.com |
Media please contact: Brandon Er (Mr) Corporate Communications DID: +65 6393 2542 Email: brandon.er@etcsea.com |