Uol And Capitaland Acquire Thomson View Condo 810 Mil Biggest En Bloc Deal 2024
UOL Group and CapitaLand Development (CLD) have teamed up to acquire the Thomson View condominium for $810 million, according to an announcement made on Oct 26. Thomson View is a private condo on Bright Hill Drive consisting of 255 units. It was completed in 1987 and sits on a 99-year leasehold site with a total area of 504,314 sq ft and a plot ratio of 2.1. The site will be acquired by UOL’s wholly-owned subsidiary, Singapore Land Group, and CLD’s indirect wholly-owned subsidiary, CL Onyx Pte Ltd.
The acquisition will be undertaken by United Venture Development and CL Onyx on a 50:50 basis. The site was previously relaunched for tender in February this year at $918 million, with Edmund Tie as the marketing agent. A second tender in July did not receive any bids and was closed on Sept 6. However, on Oct 18, Edmund Tie announced that it had relaunched the collective sale of Thomson View with a tender closing on Oct 25 at 3 pm. The reserve price remained at $918 million under the collective sale agreement.
However, following discussions with the owners, it was decided that the reserve price would be lowered to $808 million. Within two weeks, 65% of the owners agreed to the revised reserve price, which would take effect only after 80% of the owners by strata area and share value signed the supplemental agreement. Edmund Tie’s head of investment advisory, Swee Shou Fern, shared that they have received renewed interest from developers and conducted site viewings with several interested parties. At $810 million, the price is 11.8% lower than the reserve price of $918 million, making it the biggest en bloc deal of the year if the deal goes through.
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The price works out to be $1,178 psf per plot ratio (ppr) after factoring in land betterment charges and a lease upgrading premium for a fresh 99-year lease. However, the sale is subject to approval from 80% of the strata-titled owners. UOL Group CEO Liam Wee Sin and CapitaLand Development CEO Tan Yew Chin shared in a joint statement that Thomson View’s site is elevated and boasts spectacular unblocked views. It has excellent locational attributes, including Upper Thomson MRT Station at its doorstep, popular schools such as Ai Tong School within a 1km radius, and nearby amenities such as Thomson Plaza. Moreover, it is also in close proximity to parks and nature reserves.
Ask Buddy, a real estate property portal, has listed the latest properties available at Thomson View condominium, along with other vital information such as unprofitable transactions, price trends, completion year, and sale transactions in District 20.