Thomson View fetches $590m in en bloc sale

PHOTO: Thomson View fetches $590m in en bloc sale

SINGAPORE - Thomson View condominium has been sold to a consortium led by Wee Hur Development Pte Ltd and Lucrum Capital Pte Ltd for $590 million after two previously unsuccessful en bloc attempts.

Including an estimated $107 million premium to enhance the property's use and a $90 million premium to top up the lease from the remaining 62 years to 99 years, this translates to $712 per square foot per plot ratio (psf ppr).

The 540,314-sq-ft site, located along Upper Thomson Road, is designated for residential use with a 2.1 plot ratio and 24-storey maximum height.

It comprises 100 residential apartments of 1,313 sq ft, another 100 residential apartments of 2,023 sq ft, 54 townhouses of 3,842 sq ft and one shop lot of 1,862 sq ft.

With the collective sale, owners are expected to receive proceeds of $1.62 million, $2.30 million, $3.59 million and $2.82 million respectively, representing an en bloc premium of 30 to 40 per cent above the current resale prices of individual units, according to marketing agent HSR.

The plot can be redeveloped into a new condominium with about 950 units averaging 1,200 sq ft.

The site was first launched in the collective site market in November 2007, with an indicative asking price of $550 million, which works out to $652 psf ppr. That sale, however, failed to attract any bidders.

Its second attempt in November 2011, too, proved unsuccessful.

In 2011, the site was marketing at between $595 million and $635 million, which translates to between $694 and $732 psf ppr.

It was launched for en bloc a third time in April this year for $580 million, which together with the associated premiums translated to $685 psf ppr.

According to Jeffrey Goh, head of investment sales, HSR, the sale was "boosted by the announcements of the Upper Thomson MRT station slated for completion in 2020".