The site, previously listed for sale in 2021, remains at the same price despite market cooling measures
SINGAPORE: Thomson View Condominium is back on the market for collective sale with an unchanged guide price of S$950 million, according to exclusive marketing agent OrangeTee Advisory, announced on Wednesday (May 11).
Originally launched in November 2021 at the same price, the condominium failed to secure a buyer after market cooling measures were introduced in December. Marcus Oh, managing director at OrangeTee Advisory, explained that the timing of the previous tender, which closed in January 2022, meant that prospective buyers were hesitant to proceed due to the sudden implementation of cooling measures.
Despite this setback, the previous launch garnered significant interest, with numerous site visits and inquiries from potential buyers.
Thomson View, which consists of 200 apartments, 54 townhouses, and a shop unit, was first put up for collective sale in 2013 at a price of S$590 million. However, that attempt was invalidated when it was discovered that the former marketing agent had made incentive payments to four owners to secure their signatures. Following that, the property experienced multiple unsuccessful relaunches, including four failed attempts in 2018.
The site, completed in 1987, spans 50,196.9 square metres and is zoned for residential development with a gross plot ratio of 2.1, according to the 2019 Master Plan. The reserve price translates to a land rate of S$1,294 per square foot per plot ratio. This accounts for a 7% bonus gross floor area for private outdoor spaces, a differential premium of approximately S$288.8 million for intensification, and an estimated S$332.3 million upgrading premium for a new 99-year lease.
A Pre-Application Feasibility Study has already been submitted to the Land Transport Authority for review, with approval still pending.
Thomson View is situated in District 20, surrounded by amenities such as Thomson Plaza, Upper Thomson MRT station, and nature parks like MacRitchie Reservoir Park and Lower Peirce Reservoir Park. Renowned schools, including Ai Tong School, Catholic High School, and CHIJ St Nicholas Girls’ School, are also in the vicinity.
With a limited supply of residential properties in District 20, Thomson View is expected to attract significant interest from prospective buyers. Oh highlighted the potential for developers to create a distinctive project that could offer strong capital appreciation and high rental yields.
The tender for the Thomson View Condominium will close at 3 pm on June 8, 2022.
