Friday, September 07, 2012

Thomson View sale rakes in whopping S$590m

After two unsuccessful attempts to go en bloc, Thomson View Condominium (pictured
) was finally sold for S$590 million on its third attempt to a consortium led by Wee Hur Development and Lucrum Capital.
The sale includes an estimated S$107 million premium to enhance the property and an additional S$90 million to top up the remaining lease from 62 years to 99 years.

Thomson View went en bloc for the third time in April at an indicative price of S$580 million or S$685 psf ppr, inclusive of the associated premiums.

Jeffrey Goh, Head of Investment Sales at HSR, noted that the price was “boosted by the announcements of the Upper Thomson MRT station slated for completion in 2020”.

The 540,314 sq ft site is designated residential with a plot ratio of 2.1 and a maximum permissible height of 24-storeys. It comprises 100 apartments measuring 1,313 sq ft each, 54 townhouses of 3,842 sq ft each, another 100 residential units of 2,023 sq ft each and a 1,862 sq ft shop space.

Following the sale, owners can expect to receive proceeds of S$1.62 million, S$3.59 million, S$2.30 million and S$2.82 million respectively.

Most notably, this offers an en bloc premium of 30 to 40 percent compared to current resale prices of individual units, noted HSR.

The buyers could develop the site into a new condominium with around 950 units averaging 1,200 sq ft each.

Thomson View was first launched for collective sale in November 2007 and again in November 2011, but was unsuccessful both times.

View the original article here

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