SINGAPORE: Thomson View Condominium is back on the market for collective sale, this time at a significantly reduced reserve price of $808 million, down from its initial reserve of $918 million.
The sale is being handled by property consultancy Edmund Tie & Company via a public tender.
The condominium, zoned for residential use, has a plot ratio of 2.1, allowing for a total gross floor area of approximately 112,792 square meters. This would enable the development of up to 1,240 residential units, with an average size of 85 square meters per unit.
Located adjacent to the Upper Thomson MRT station, the 255-unit property consists of a 29-storey apartment block, which includes 200 apartments, a shop unit, and 54 townhouses.
Its strategic location offers convenient access to transportation, schools, retail outlets, eateries, and lifestyle amenities such as MacRitchie Reservoir Park, Bishan Park, and the Singapore Island Country Club.
The current relaunch comes after a supplemental agreement was proposed to reduce the reserve price from $918 million to $808 million.
However, the sale is contingent upon approval from 80% of the owners by strata area and share value. As of now, 65% of the owners have signed the agreement.
At the revised price, the land rate is estimated at $1,176 per square foot (psf) per plot ratio. If developers capitalize on an additional 8% bonus floor area, the land rate could drop slightly to $1,141 psf per plot ratio.
Interested buyers have until 3 pm on 25 Oct to submit their bids as the tender closes on that date.