Thomson View Condominium Lower Reserve Price 808 Mil
Thomson View Condominium, a residential development in Bright Hill, has begun its 10-week private treaty period following the close of the second tender on Sept 6, which saw no bids. This comes after the reserve price was lowered by 12% from $918 million to $808 million.
The appointed marketing agent, Edmund Tie, has reported that approximately 60% of the owners have signed the supplemental agreement to consent to the revised price. However, a minimum consensus of 80% is required for the revised price to take effect.
Based on the revised price of $808 million, the land rate is estimated to be $1,141 per square foot per plot ratio (psf ppr), which takes into account the additional 7% bonus gross floor area (GFA), land betterment charges, and a lease upgrading premium for a fresh 99-year lease.
If redeveloped, the site will have a maximum GFA of about 1.2 million sq ft, allowing for an estimated 1,240 residential units.
Thomson View Condominium, located on Bright Hill Drive, was first completed in 1987. It consists of 54 townhouses, a 29-storey block of 200 apartments, and a shop unit. The development occupies a site of 540,314 sq ft that is zoned for residential use, with a gross plot ratio of 2.1 and a 99-year lease starting from 1975. As a result, there are approximately 50 years left on the lease.
The condo is situated on an elevated site surrounded by a landed housing enclave on Bright Hill Drive. It is also within walking distance of the Upper Thomson MRT Station on the Thomson-East Coast Line.
According to Swee Shou Fern, head of investment advisory at Edmund Tie, who is handling the sale, Thomson View Condominium offers developers an opportunity to build a project in a mature residential estate with a variety of amenities and offers an unobstructed view of the Central Catchment Nature Reserve.
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