SINGAPORE: After five attempts over nearly two decades, the private residential project Thomson View has finally been sold for a staggering S$810 million in a record-breaking collective sale. This is the largest such transaction of 2024 and the first private residential development to achieve a successful sale this year.
The deal was brokered by real estate consultancy Edmund Tie and secured by a consortium of prominent local developers, including UOL, Singapore Land Group, and CapitaLand Development. According to a press release issued by Dai Yuxiang Property on November 25, the sale price translates to a plot ratio of S$1,178 per square foot, inclusive of land value-added fees and the cost of extending the lease to 99 years.
Owners of the 255-unit leasehold property are expected to receive payouts ranging between S$2.22 million and S$4.94 million per household, with the sole commercial store owner receiving S$3.87 million.
Thomson View, which spans approximately five hectares, has a leasehold tenure that began in 1975 and now has just 50 years remaining. It has been on the market for collective sale five times since 2007. Earlier tenders in February and July this year failed to attract buyers, but an October bid was successfully secured after more than 80% of the property owners agreed to lower the asking price.
The site, zoned for residential use under the 2019 Master Plan, has a plot ratio of 2.1. Developers envision transforming the area into a landmark residential project with 1,240 units. The consortium plans to create a distinctive design and incorporate comprehensive facilities, taking full advantage of its proximity to a nearby park and nature reserve.
This transaction marks the highest collective sale price since Chuan Park was sold for S$890 million in 2022. The scale of the deal highlights a resurgence of interest in collective sales, despite market challenges and initial hesitancy from buyers.