UOL, SingLand and CapitaLand complete S$810 million Thomson View en bloc deal
The residents stand to receive between S$2.2 million and S$4.9 million each, depending on the size of their unit
[SINGAPORE] The S$810 million sale of Thomson View condominium has finally been completed, UOL and Singapore Land Group (SingLand) said in a bourse filing on Thursday (Oct 2), after earlier objections by a small group of owners stalled the deal.
The development on Bright Hill Drive houses 200 apartments, 54 townhouses and a shop unit on a 5-hectare site. It was first put up for tender in February 2024.
Last October, developers UOL, SingLand and CapitaLand Development (CLD) signed a conditional call-and-put option to acquire the 99-year leasehold development at S$810 million, an offer that was 12 per cent lower than the condo owners’ original reserve price of S$918 million. The S$810 million price makes it the largest en bloc deal done in Singapore since Chuan Park’s S$890 million sale in May 2023.
Owners stood to receive between S$2.2 million and S$4.9 million each, depending on the size of their unit, marketing agent ETC had said.
But the Thomson View deal hinged on consent from at least 80 per cent of owners to lower their reserve price.
It was reported in the media that a supplementary agreement was signed by unitholders around October 2024 to lower the condominium’s reserve price to S$808 million, paving the way for them to accept an S$810 million offer from the three developers.
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In March this year, the condominium’s collective sale was met with a stop order after efforts to mediate and resolve objections from a small group of owners were unsuccessful. All six objectors have since withdrawn their objections.
The Business Times understands that some of the objections were related to the property’s lower reserve price.
After a series of court proceedings, the High Court granted a sale order for Thomson View’s collective sale in July, allowing it to proceed. The collective sale committee costs of S$5,000 and a disbursement of S$3,829.20 were also awarded, with costs borne by the six objectors.
CLD and UOL said then that the progress of the sale enables them to leverage their combined expertise to “rejuvenate and contribute to the vibrancy of this prime estate”.
The final price tag of S$810 million works out to S$1,178 per square foot per plot ratio for the site, which UOL, SingLand and CLD plan to redevelop into a 1,240-unit project.
Shares of UOL closed 1.5 per cent or S$0.12 higher at S$8 on Thursday, before the news. SingLand shares closed at S$3.12, up 1.3 per cent or S$0.04.
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