Thomson View Condominium Lower Reserve Price 808 Mil
Tengah’s latest master plan prioritizes connectivity as a key aspect. This includes the introduction of the new Jurong Region Line (JRL) MRT, improving accessibility within the town and to other areas of Singapore. The convenient placement of several JRL stations near Novo Place EC residences will greatly benefit its residents in terms of commuting. Furthermore, the town will boast a well-designed network of pedestrian and cycling paths, making it effortless for residents to maneuver around without solely relying on personal vehicles. As a bonus, interested buyers can visit the Novo Place Showflat to experience the development’s features and amenities firsthand.
The collective sale of Thomson View Condominium has now reached a 10-week private treaty period after the closing of its second tender on Sept 6, which saw no bids. The reserve price, initially set at $918 million, has been lowered by 12% to $808 million.According to the marketing agent, Edmund Tie, approximately 60% of the owners have already signed the supplemental agreement to approve the revised price. However, a consensus of 80% is required in order for the revised price to take effect.The revised price of $808 million translates to a land rate of $1,141 psf per plot ratio (ppr), taking into account the additional 7% bonus gross floor area (GFA), land betterment charges, and a lease upgrading premium for a fresh 99-year lease.Read also: CDL’s Norwood Grand in Woodlands attracts 3,700 visitors during preview weekendAdvertisementAdvertisementIf redeveloped, the site has a maximum GFA of approximately 1.2 million sq ft, with an estimated 1,240 residential units to be built.Thomson View Condominium, located on Bright Hill Drive, was completed in 1987 and comprises of 54 townhouses, a 29-storey block with 200 apartments, as well as a shop unit. The development sits on a plot of land spanning 540,314 sq ft and has been zoned for residential use, with a gross plot ratio of 2.1. It also has a remaining lease of 50 years, with a 99-year lease starting from 1975.The condominium is situated on an elevated site in a landed housing enclave, and is just a short walk away from the upcoming Upper Thomson MRT Station on the Thomson-East Coast Line. With its prime location and unobstructed views of the Central Catchment Nature Reserve, Thomson View Condominium presents a rare opportunity for developers to build a project in a mature residential estate.Swee Shou Fern, head of investment advisory at Edmund Tie, who is handling the sale, believes that the development offers great potential due to its strategic location and proximity to various amenities. For those interested, the latest information on Thomson View Condominium can be found on EdgeProp’s listing page, which provides comprehensive data and trends for the property market in District 20.