UOL Group and CapitaLand have agreed to purchase Thomson View Condominium in a collective sale valued at S$810 million. This transaction, led by UOL’s subsidiary, United Venture Development (No. 8) (UVD No. 8), and CapitaLand’s subsidiary, CL Onyx, represents Singapore’s largest en bloc sale since 2023. Both parties intend to develop a large-scale condominium project with 1,240 units, capitalizing on the limited supply of residential properties in the area.
The acquisition price of S$810 million, or S$1,178 per square foot per plot ratio (psf ppr), factors in costs for land enhancement and a lease renewal premium. This offer comes after Thomson View’s owners lowered their reserve price by 12% from the original S$918 million, sparking renewed interest from developers.
The site, located along Bright Hill Drive, spans 540,314 square feet, with a 99-year lease that began in 1975. Current plans envision transforming the 5-hectare land area, which now includes 200 apartments and 54 townhouses, into a high-density residential development. Financing will primarily come from bank loans and internal resources, with UOL and CapitaLand targeting project completion by early 2026.
According to UOL’s CEO, Liam Wee Sin, and CLD Singapore’s CEO, Tan Yew Chin, the acquisition strengthens their land portfolio and allows both companies to apply their joint expertise in residential development. The project marks another significant investment by UOL and CapitaLand in Singapore’s real estate market, as both companies actively expand their land reserves through joint ventures.
