Singapore, 25 November 2024 –Edmund Tie & Company (“EDMUND TIE”), as the sole marketing agent, is pleased to announce the collective sale of Thomson View Condominium to a consortium (“Consortium”) comprising UOL Group (“UOL”), Singapore Land (“SingLand”) and CapitaLand Development (“CLD”) at S$810 million, subject to terms and conditions.
The sale price of S$810 million works out to S$1,178 per sq ft per plot ratio (psf ppr), after factoring in land betterment charges for intensification of land use and lease upgrading premium for a fresh 99-year lease.
Residential owners of the 255-unit development stand to receive gross sale proceeds of about S$2.22 million to S$4.94 million depending on their unit size and the sole commercial unit will receive about S$3.87 million from the collective sale.
Completed in 1987, Thomson View Condominium sits on sprawling grounds of approximately 5 hectares with a 99-year tenure commencing from 1975. Under Master Plan 2019, the site is zoned for ‘Residential’ use at a plot ratio of 2.1, which can yield up to 1,240 residential units based on an average dwelling size of 85 sq m.
The deal for Thomson View Condominium marks the first and only residential collective sale done to date this year. Given its potential for 1,240 dwelling units in the new development, the collective sale of Thomson View Condominium also marks one of the largest residential sites in terms of project scale in recent years.
Ms Swee Shou Fern (徐晓芬), Head of Investment Advisory at EDMUND TIE, says, “Over about the past 17 years, owners of Thomson View Condominium have persevered through four earlier collective sale attempts. In its current fifth attempt, Edmund Tie & Company is appointed for the first time as its exclusive marketing agent, and we are thrilled to have successfully secured a buyer. The realignment of the reserve price hits a sweet spot between pricing and the complexities of redeveloping a site of this scale – reigniting developers’ interest, ultimately culminating in this milestone achievement.”
Ms Swee adds, “We are deeply grateful for the unwavering support and trust of the collective sale committee, and to be working alongside the team of lawyers led by Mr Alan Tan from Wee Swee Teow LLP. Most importantly, the success of this endeavour was only made possible by the owners of the 255-unit development, who demonstrated remarkable unity to giving the requisite 80% consent in both strata area and share value within such a short timeframe.”
Thomson View Condominium enjoys strong locational and site attributes including MRT at doorstep, proximity to essential amenities and top-ranked schools, as well as spectacular views of lush greenery. 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, with other educational institutions nearby, including Catholic High School, CHIJ St Nicholas Girls School, Raffles Institution and Eunoia Junior College.
The collective sale of Thomson View Condominium is subject to an order of sale granted by the Strata Titles Boards.
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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 |