UOL-CapitaLand JV exercises call option to purchase Thomson View en bloc for $810 mil
By EdgeProp Singapore
/ EdgeProp Singapore |
Thomson View sold en bloc for $810 million to UOL-CapitaLand joint venture (Photo: Edmund Tie)
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Singapore-listed UOL Group announced on Nov 25 that it has exercised its call option to purchase Thomson View Condo en bloc for $810 million. A payment equivalent to 5% of the purchase price, inclusive of a 1% option deposit of $1 million, will be made within seven business days of exercising the call option.
On Oct 26, UOL and CapitaLand Development (CLD) entered into a put-and-call option agreement to purchase Thomson View Condo for $810 million.
The deal was contingent on 80% of the owners, by strata area and share value, signing a supplemental agreement to lower the reserve price from $918 million to $808 million. The property had been relaunched for sale in February this year with a reserve price of $918 million.
The required 80% consensus was reached on Nov 22, with Swee Shou Fern, head of investment advisory at Edmund Tie, brokering the sale.
The en bloc purchase of Thomson View marks the largest residential en bloc deal since Kingsford Group’s acquisition of Chuan Park for $890 million in July 2022.
However, in terms of absolute price, Thomson View’s en bloc deal ranks as the second-largest in 2024, following Hotel Properties Ltd’s acquisition of Concorde Hotel and Shopping Mall for $821 million on Nov 7.
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