Thomson View Condominium Lower Reserve Price 808 Mil
The attempts for a collective sale of Thomson View Condominium have now entered a private treaty period of 10 weeks after the second tender closed on Sept 6 with no bids. The initial reserve price of $918 million has been lowered by 12% to $808 million.
Edmund Tie, the appointed marketing agent, has reported that approximately 60% of the owners have signed the supplemental agreement to consent to the revised price. However, an 80% consensus is required for the revised price to come into effect.
Located in the bustling area of Woodlands, Norwood Grand boasts a strategic location that offers numerous advantages. Its prime spot in the heart of Woodlands places it at the center of the North Coast Innovation Corridor, an area that is currently undergoing major developments. This makes it an ideal choice for residents who prefer convenient access to public transportation, as well as for those who own private vehicles.
After taking into account the additional 7% bonus gross floor area (GFA), land betterment charges and lease upgrading premium for a fresh 99-year lease, the current price of $808 million translates to a land rate of $1,141 psf per plot ratio (ppr).
Should the site be redeveloped, it would have a maximum GFA of approximately 1.2 million sq ft and could yield an estimated 1,240 residential units.
Thomson View Condominium, located on Bright Hill Drive, comprises of 54 townhouses, a 29-storey block of 200 apartments, and a shop unit. Constructed in 1987, the development sits on a land area of 540,314 sq ft and is designated for residential use. It holds a gross plot ratio of 2.1 and has a 99-year lease starting from 1975, leaving 50 years on its lease.
The condo is situated on an elevated site surrounded by landed houses and is 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 presents an excellent opportunity for developers to build a project in a well-developed residential area with access to various amenities and a serene view of the Central Catchment Nature Reserve. Potential buyers can refer to the latest listings and compare prices and trends for Thomson View Condominium with other condominium properties in the vicinity.