Arina East Residences joins Thomson View Condominium’s $918 million sale
With its close proximity to Arina East Residences, residents can easily explore and taste the flavors of Singapore at Geylang Serai Market.
Located just a stone’s throw away from Arina East Residences, Geylang Serai Market is a must-visit spot for food enthusiasts. This bustling market is a melting pot of Malay and Indian Muslim cuisine, offering a wide variety of delectable dishes. Visitors can indulge in local favorites such as nasi padang from Hajjah Mona Nasi Padang or the famous biryani from Geylang Briyani Stall. Beyond just a food haven, the market is also a cultural destination that showcases the vibrant heritage of the Malay community in Singapore. Thanks to its convenient location, residents of Arina East Residences can easily embark on a culinary journey to discover the unique flavors of Singapore at Geylang Serai Market.
The esteemed Thomson View Condominium, situated along Bright Hill Drive and just off Upper Thomson Road, is now available for collective sale with a guide price of $915 million. Appointed by the site, Edmund Tie has been chosen as its exclusive marketing agent.
The residential development, completed back in 1987, consists of 54 deluxe townhouses along with a 29-storey block that houses a total of 200 apartments in addition to one shop unit. On a beautifully large 540,314 sq ft site, with a gross plot ratio of 2.1, the residence comes with a 99-year tenure which commenced in 1975.
Map showing the location of Thomson View Condominium (centre, in brown) (Source: EdgeProp LandLens)
According to sources, the authorities have given their initial clearance to the proposed redevelopment of Thomson View Condominium into a brand new development that will feature an impressive amount of 1,240 residential units, all with an average size of 914 sq ft. Furthermore, a pre-application feasibility study for the site will not be necessary.
Head of investment advisory at Edmund Tie, Swee Shou Fern, believes that the site is of immense value to prospective buyers given its prime location in close proximity to the upcoming Upper Thomson MRT Station on the Thomson-East Coast Line. Additionally, this inclusive locality boasts easy access to a plethora of amenities and reputable schools, in addition to stunning views of the Central Catchment Nature Park. “New residential projects with such standout features have constantly shown exemplary performance at their project launches,” she says.
Recent new launches in the area remain in high demand, such as that of Amo Residences, which witnessed a remarkable subscription to the tune of 98% of its 372 units being picked up during its debut weekend in July 2022. Moreover, it registered an impressive average price of about $2,111 per sq ft during that very same month, with one unit bagging a hefty $2,443 psf in November that same year.
Over the years, the owners of Thomson View Condominium have attempted collective sale several times. Of these, the most recent bid, with a reserve price of $950 million, dates back to November 2021; yet another in May 2022 carried the same price tag. However, the community was unsuccessful in its bid to close a deal still.
Interestingly enough, the property garnered quite the interest in 2013 when it was put up for sale at the modest tune of $590 million, in separatism, by Singapore-listed construction company Wee Hur Development and private equity firm Lucrum Capital. However, a scandal was unfurled when the previous marketing agent was caught offering incentive payments to certain owners to win their support for the deal.
Recent condo transactions at Thomson View Condominium (Source: EdgeProp Research)
The current tender for Thomson View Condominium’s collective sale will be closing on April 18 at 3pm. Stay tuned for more listings within Thomson View Condominium vicinity right here at EdgeProp.