SINGAPORE: Thomson View Condominium, located next to the Upper Thomson MRT station, has officially been listed for collective sale.
Edmund Tie & Company, acting as the sole agent for the property, announced that the reserve price for this prime residential asset is set at $918 million, equivalent to $1,282 per square foot per plot ratio.
The reserve price includes a 7% bonus gross floor area, lease upgrading premium, and land betterment charge for intensification of land use.
Interested buyers can submit their offers until April 18 at 3pm.
Covering an expansive 50,197 square meters (540,314 square feet) plot, the condominium has been on a 99-year leasehold since its establishment in 1975.
The property comprises 255 units, encompassing 54 townhouses and a 29-storey block featuring a shop unit and 200 apartments.
Under the Master Plan 2019, the property site is zoned for residential use with a plot ratio 2.1. This allows for a total gross floor area of 112,792 square meters.
The authorities have given preliminary approval for a redevelopment plan that envisions 1,240 residential units, all without a pre-application feasibility study.
The potential redevelopment of Thomson View Condominium represents a significant opportunity for property developers and investors to capitalize on the prime location and expansive residential site.
With the submission deadline set for mid-April, industry observers are closely watching this high-profile collective sale.