Thomson View Condominium will relaunch for the collective sale through a public tender at S$950 million

Thomson View Condominium will be relaunched for collective sale through a public tender at a similar guide price of S$950 million, said exclusive marketing agent OrangeTee Advisory on Wednesday (May 11).

Whenever the past tender was launched last November, it was the biggest residential collective sale effort by cost quantum in 2021. The condominium was set available for sale at a similar cost in November last year, however, the relaunch was unsuccessful amid market cooling measures declared in December.

The relaunch will open through a public tender on May 12 and will close at 3 pm on Jun 8, 2022.

Situated close to Upper Thomson MRT station, Thomson View was finished in 1987 and sits on a site of around 540,314 sq ft. It involves 200 apartments, 54 townhouses, and a shop unit.

Under Master Plan 2019, the site is zoned for residential development with a gross plot ratio of 2.1.

“The reserve price translates to a land rate of S$1,294 per square foot per plot ratio, after factoring in an additional 7 percent of bonus gross floor area for private outdoor spaces, an estimated differential premium of S$288.8 million for intensification, and about S$332.3 million in upgrading premium for a fresh 99-year lease,” said OrangeTee Advisory.

A pre-application feasibility study on the number of units that might be modified on the site has been submitted for the Land Transport Authority’s review and is pending the authority’s approval.

The last launch in November drew “several inquiries and site visits by interested parties”, said OrangeTee Advisory’s managing director Marcus Oh.

“However, due to the small window of less than one month between the announcement of property cooling measures in December 2021 and the tender close in January 2022, the prospective buyers decided to hold back on their acquisition decisions,” Marcus Oh added.

“We have since observed keen interest in developers to replenish their diminishing land banks and decided to put the development on the market again.”

Mr. Marcus Oh added that the new improvement ought to create huge interest among imminent home buyers because of the limited pipeline supply of residential housing in District 20, which includes estates in Ang Mo Kio, Bishan, and Thomson.

Mr. Marcus Oh said the last launch pulled in a few inquiries and site visits by interested parties.

In 2013, the condo was additionally set up for collective sale for $590 million yet the deal was voided after the former marketing agent was found to have offered incentive payments to four owners to inspire them to sign the sale agreement.

Along these lines, the condo failed in four endeavors to relaunch in 2018.

Including 200 apartments, 54 townhouses, and a shop unit, Thomson View was finished in 1987 and sits on a site of 50,196.90 sq m.

Thomson View is situated in District 20 with nearby amenities, for example, Thomson Plaza, Upper Thomson MRT station, and nature parks, including MacRitchie Reservoir Park and Lower Peirce Reservoir Park.

Nearby schools incorporate Ai Tong School, Catholic High School, and CHIJ St Nicholas Girls School.

Its location would likewise permit developers to “build a distinctive project with high potential for capital appreciation and good rental yields”, he said.

The tender for Thomson View Condominium will close at 3 pm on June 8 this year.