SINGAPORE (EDGEPROP) - Owners of Thomson View Condominium have launched their development for collective sale at a reserve price of $950 million, marking the largest residential site by price quantum to be launched so far this year.

Read also: Freehold mixed-use site at Bukit Timah Road up for collective sale at $85 mil

The reserve price translates to a land rate of $1,293 psf per plot ratio, and factors in an additional 7% of bonus gross floor area (GFA) for private outdoor spaces, an estimated differential premium of $296 million for intensification, and an upgrading premium of about $324 million for a fresh 99-year lease.

The 34-year old development occupies a land area of about 540,314 sq ft, and comprises 200 apartments, 54 townhouses and a shop unit.

The site is zoned for residential development with a gross plot ratio of 2.1, yielding a GFA of approximately 105,413 sq m which can potentially yield up to 1,240 new units, subject to approval from the authorities, says OrangeTee Advisory, which is marketing the site.

It is located in District 20, with Upper Thomson MRT Station at its doorstep.

“The wide frontage of the site overlooking the landed housing estates in the Upper Thomson area presents an excellent opportunity for the developer to build a prominent and iconic project that capitalises on great views of the nature reserve,” says Tay Liam Hiap, Director at OrangeTee Advisory.

The tender will open on Nov 9 and close on Jan 13 at 3pm.

Check out the latest listings near Thomson View Condominium, Upper Thomson MRT Station