Thomson View Condominium, a 99-year leasehold residential development located along Upper Thomson Road, has been sold en bloc for S$590 million.
Its marketing agent HSR International Realtors said in a statement that this is the largest collective sale deal outside the prime districts of 9, 10 and 11.
It added that the deal reflects the return of confidence among major developers for collective sales sites.
Depending on the size of each unit, the current owners could pocket between S$1.62 million and S$3.59 million from the sale.
HSR said this represents an en bloc premium of 30 per cent to 40 per cent above the current resale prices of individual units.
Thomson View Condominium comprises 200 units of residential apartments, 54 townhouses and a shop unit.
Under the Master Plan 2008, the site is zoned for residential use with a gross plot ratio of 2.1 and maximum height of up to 24 storeys.
HSR said the unit land price of Thomson View Condominium works out to be about S$712 per square foot per plot ratio.
And the developer will have to make payments to the state for enhancing the intensity of the site’s use and for topping up the site’s current lease term of 62 years back to 99 years.
All in, HSR said the total investment costs including construction, fees, interests, taxes and acquisition costs for a new residential project is estimated to be around S$1.1 billion.
The deal is subject to approvals by the Strata Title Board (STB) and relevant authorities.
Source : Channel NewsAsia – 6 Sep 2012