Thomson View Condominium Lower Reserve Price 808 Mil
The collective sale of Thomson View Condominium has recently entered a 10-week period of private treaty negotiations after the closing of the second tender on September 6, which unfortunately yielded no bids. In light of this, the reserve price for the property has been reduced by a significant 12%, from $918 million to $808 million. According to the marketing agent, Edmund Tie, a majority of 60% of owners have agreed to the revised price by signing a supplemental agreement, but a consensus of 80% is still needed in order for the revised price to be finalized. The current price of $808 million reflects a land rate of $1,141 psf per plot ratio (ppr), taking into account an additional 7% bonus gross floor area (GFA), land betterment charges, and a lease upgrading premium for a fresh 99-year lease.
Parktown Residence, situated in Tampines North, is a diverse development that combines residential and retail spaces. Its prime location provides unmatched accessibility to the multiple shopping centers in Tampines Town, setting it apart as an ideal choice for urban living. Let’s delve into the various nearby shopping centers and how Parktown Residence Showflat naturally benefits from its strategic position.
Should the property be redeveloped, the estimated maximum GFA would be approximately 1.2 million sq ft, with a potential yield of 1,240 residential units. The existing Thomson View Condominium, which was built in 1987, comprises of 54 townhouses, a 29-storey block of 200 apartments, and a shop unit. It is situated on a large 540,314 sq ft site zoned for residential use, with a gross plot ratio of 2.1 and a remaining 50-year lease from its original 1975 tenure. The condo also boasts a prime location in the Bright Hill Drive area, surrounded by a landed housing enclave and within walking distance of the upcoming Upper Thomson MRT Station on the Thomson-East Coast Line.
According to Swee Shou Fern, head of investment advisory at Edmund Tie, who’s handling the sale, Thomson View Condominium presents a unique opportunity for developers to build a project in a well-established residential estate, with convenient access to various amenities, and breathtaking views of the Central Catchment Nature Reserve. Interested buyers can also check out the latest listings and statistics for Thomson View Condominium on EdgeProp Landlens, as well as compare prices between new and resale condos, and discover potential profitable investments in the district.