UOL Group has en bloc Thomson View Condo for $810 million using its call option. Within seven business days of calling the option, a payment equal to five percent of the purchase price plus a one percent option deposit of $1 million.
Under a put-and- call arrangement, UOL and Capita Land Development (CLD) paid Thomson View Condo $810 million.
Eighty percent of the owners, by stratum area and share value, signed a supplemental agreement to reduce the reserve price from $918 million to $808 million, therefore determining the deal. With a reserve price of $918 million, the estate had been reopened for sale in February this year.
On November 22, Swee Shou Fern, head of investment advice at Edmund Tie, helped to broker the necessary 80% consensus. After accounting for land betterment costs for intensification of land use and lease upgrading premium for a fresh 99-year lease, S$810 million works out to $1,178 psf per plot ratio (psf ppr).
Thomson View has made five aggregate sales attempts overall. Over the previous 17 years, there were four consecutive collective sales attempts. “The realignment of the reserve price hits a sweet spot between pricing and the complexity of rebuilding a site of this scale – reiniting developers’ interest, finally culminating in this milestone achievement,” adds Swee.
Depending on their unit size and the lone commercial property, owners of the 255 units stand to get gross selling revenues ranging from roughly $2.22 million to $4.94 million.
UOL and CapitaLand said in a joint statement that the 5-ha site will be rebuilt into a landmark 1,240-unit luxury apartment. The site’s locational features include its proximity to the Thomson MRT Station on the Thomson-East Coast Line, within 1km of Ai Tong School, and access to facilities including the Thomson Plaza retail center.
Since Kingsford Group acquired Chuan Park for $890 million in July 2022, the en bloc purchase of Thomson View is the biggest residential sale since.
With Hotel Properties Ltd. acquiring Concorde Hotel and Shopping Mall for $821 million on Nov 7, Thomson View’s en bloc deal ranks as the second-largest in absolute price in 2024.
