Uol And Capitaland Acquire Thomson View Condo 810 Mil Biggest En Bloc Deal 2024
UOL Group and CapitaLand Development have announced their joint venture to purchase Thomson View condo for a total of $810 million. The private condo, located on Bright Hill Drive and completed in 1987, consists of 255 units and sits on a 504,314 sq ft site with a 99-year lease from Apr 7, 1975 and a plot ratio of 2.1. The purchase will be carried out through UOL’s subsidiary, Singapore Land Group, with an 80% ownership, and CLD’s indirect subsidiary, CL Onyx Pte Ltd, with the remaining 20%.
The acquisition of Thomson View will be completed on a 50:50 basis by the joint venture, United Venture Development and CLD’s CL Onyx. The property was relaunched for tender in February of this year with a price tag of $918 million, but received no bids. A second tender was announced in July with a closing date of Sept 6. However, it also had no bidders.
In response to the lack of interest, the owners of Thomson View signed an agreement to reduce the reserve price to $808 million. Within two weeks, around 65% of the owners agreed to the new price, which will only take effect if 80% of the owners by strata area and share value also agree. Edmund Tie, the marketing agent for the property, reported renewed interest from developers and conducted site viewings and discussions with several parties.
At $810 million, the sale price is 11.8% lower than the original reserve price of $918 million. If the deal goes through, this will be the biggest en bloc deal of the year. The price of $810 million translates to $1,178 psf per plot ratio (ppr) after factoring in land betterment charges and a lease upgrading premium for a fresh 99-year lease. However, the option to purchase is subject to 80% of the strata-titled owners agreeing to the price.
In a joint statement, UOL Group CEO Liam Wee Sin and CapitaLand Development CEO Tan Yew Chin commented on the site’s strong locational attributes, including its elevated position, unblocked views, and convenient access to transportation, schools, amenities, and nature reserves.
Rewritten:
The bidding period for the residential government land sale (GLS) site at Clementi Avenue 1, also known as Elta Condo, ended on November 7, together with the tenders for two other sites at Lorong 1 Toa Payoh and Pine Grove (Parcel B). Of the three sites, the one at Clementi Avenue 1 garnered the highest number of bidders. Interested buyers can also check out the Elta Showflat at http://www.the-elta.com.sg/.