The collective sale of Thomson View Condominium has entered into a 10-week private treaty period after the second tender closed on Sept 6 with no bids. The reserve price of $918 million has been lowered by 12% to $808 million.

According to the appointed marketing agent, Edmund Tie, about 60% of the owners have signed the supplemental agreement to consent to the revised price. However, an 80% consensus is needed for the revised price to take effect.

The price of $808 million reflects a land rate of $1,141 psf per plot ratio (ppr), after factoring in the additional 7% bonus gross floor area (GFA), the land betterment charges and a lease upgrading premium for a fresh 99-year lease.

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If redeveloped, the site would have a maximum GFA of about 1.2 million sq ft, yielding an estimated 1,240 residential units.

The existing Thomson View Condominium was completed in 1987. It comprises 54 townhouses, a 29-storey block of 200 apartments and a shop unit. The development sits on a site spanning 540,314 sq ft and is zoned for residential use. It has a gross plot ratio of 2.1 and a 99-year lease with effect from 1975. Hence, the site has 50 years left on its lease.

The condo sits on an elevated site on Bright Hill Drive, which is surrounded by a landed housing enclave. It is also within walking distance of the Upper Thomson MRT Station on the Thomson-East Coast Line.

Thomson View Condominium offers an opportunity for developers to build a project in a mature residential estate, well-served by various amenities and provides an unobstructed view of the Central Catchment Nature Reserve, says Swee Shou Fern, head of investment advisory at Edmund Tie, who's handling the sale.

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