The government land site at Bright Hill Drive in the Upper Thomson district was sold at an attractive bid of $291.5 million or $720 psf ppr. The demand for Upper Thomson area seems to be robust as analysts were expecting a winning bid of between $550 to $620 psf ppr as there are very few new property launches in this district.
The winning bid for this 144,636 sq ft land came from UVD which is a joint venture between Singapore Land and UOL Group where there were in total 6 bids. The second highest was from a joint venture Frasers Centrepoint, Far East Organization and Sekisui House which came in at $609 psf ppr which is 18% lower. Other bidders were Qingjian Realty and Wee Hur Development among others.
An UVD representative noted that the Thomson location has affluent potential buyers with limited supply of property. The break-even cost is estimated at $1,100 psf.
The new development is expected to be a 20-storey condominium with 420 units to benefit from the MacRitchie Reservoir and the Singapore Island Country Club Golf course view. Furthermore, the new development will be near to Thomson Plaza, Ai Tong Primary School, Catholic High School and the upcoming MRT station from the Thomson MRT Line.
A nearby recent new development, Thomson Grand was completely sold out in Apr 2012 reflecting the strong buyer demand for good quality condo units in this location. The Thomson Grand condo units were sold at a median price of $1300 psf, therefore the new development is expected to sell for around or higher than this price range.
28 Aug 2012