SINGAPORE: Thomson View Condominium will be relaunched for collective sale at the same guide price of S$950 million, said marketing agent OrangeTee Advisory on Wednesday (May 11).
When the previous tender was launched last November, it was the largest residential collective sale effort by price quantum in 2021.
The relaunch will open via public tender on May 12 and will close at 3pm on Jun 8, 2022.
Located near Upper Thomson MRT station, Thomson View was completed in 1987 and sits on a site of about 540,314 sq ft. It comprises 200 apartments, 54 townhouses and a shop unit.
Under Master Plan 2019, the site is zoned for residential development with a gross plot ratio of 2.1.
"The reserve price translates to a land rate of S$1,294 per square foot per plot ratio, after factoring in an additional 7 per cent of bonus gross floor area for private outdoor spaces, an estimated differential premium of S$288.8 million for intensification and about S$332.3 million in upgrading premium for a fresh 99-year lease," said OrangeTee Advisory.
A pre-application feasibility study on the number of units that may be rebuilt on the site has been submitted for the Land Transport Authority’s review and is pending the authority’s approval.
The last launch in November drew "several enquiries and site visits by interested parties", said OrangeTee Advisory's managing director Marcus Oh.
"However, due to the small window of less than one month between the announcement of property cooling measures in December 2021 and the tender close in January 2022, the prospective buyers decided to hold back on their acquisition decisions," he added.
"We have since observed keen interest in developers to replenish their diminishing land banks and decided to put the development on the market again.”
Mr Oh added that the new development should generate significant interest among prospective home buyers due to the limited pipeline supply of residential housing in District 20, which comprises estates in Ang Mo Kio, Bishan and Thomson.