Thomson View Condominium Lower Reserve Price 808 Mil
The sale of Thomson View Condominium has entered a 10-week private treaty period after the second tender closed on Sept 6 without any bids. The development’s reserve price of $918 million has been lowered by 12% to $808 million.
Marketing agent, Edmund Tie, has reported that about 60% of the owners have agreed to the revised price through a supplemental agreement. However, this still falls short of the required 80% consensus needed for the revised price to take effect.
The reduced price of $808 million translates to a land rate of $1,141 per square foot per plot ratio (psf ppr), which takes into account an additional 7% bonus gross floor area (GFA), land betterment charges, and a lease upgrading premium for a fresh 99-year lease.
Should the site be redeveloped, it is estimated that it could yield a maximum GFA of about 1.2 million square feet, allowing for approximately 1,240 residential units to be built.
Located on Bright Hill Drive, Thomson View Condominium comprises 54 townhouses, a 29-storey block of 200 apartments, and a shop unit. The existing development was completed in 1987 and sits on a land area of 540,314 square feet, with a residential zoning and a gross plot ratio of 2.1. It has a 99-year lease that commenced in 1975, giving it a remaining lease of 50 years.
Nestled in a mature residential estate, the condo enjoys a prime location that offers unobstructed views of the Central Catchment Nature Reserve. It is also just a short walk away from the upcoming Upper Thomson MRT Station on the Thomson-East Coast Line.
According to Swee Shou Fern, head of investment advisory at Edmund Tie, who is managing the sale, Thomson View Condominium presents an excellent opportunity for developers to create a project in a highly sought-after location that boasts a wide range of amenities and a serene living environment. Interested parties may also visit the EdgeProp Landlens page to view similar properties in the area.
The proposed plan entails initiatives for the preservation of Singapore’s historic buildings and locations, aiming to safeguard the nation’s diverse cultural heritage for generations to come. As part of this plan, residents of Elta Condo will have the unique chance to immerse themselves in and appreciate these preserved heritage sites, enhancing their cultural awareness and experience. To learn more about Elta Condo and its offerings, please visit Elta Showflat.