CapitaLand Development and UOL Group have been granted the sale order by the high court of Singapore for the acquisition of Thomson View Condominium for a proposed amount of $810 million.
Completed in 1987, Thomson View is a 255-unit, private condo on Bright Hill Drive.
It sits on a 504,314 sq ft with a 99-year lease from Apr 7, 1975, and a plot ratio of 2.1.
Already, the sale had received the support and consent from at least 80% of the residents of the property, by strata area and share value.
The development sits right at the doorstep of Upper Thomson MRT station on the Thomson-East Coast Line, while enjoying close proximity to lifestyle amenities such as at Thomson Plaza and academic institutions including Ai Tong School.
In a joint statement, Ronald Tay, CEO of CLD (Singapore) and Liam Wee Sin, UOL group chief executive, note: “We are pleased to expand our joint venture portfolio with this strategic acquisition. The progress of this sale puts us on track to leverage our combined expertise to rejuvenate and contribute to the vibrancy of this prime estate.”
See also: City Developments announces divestment of South Beach stake, but should it be Mortlake instead?
As at 4.11 pm, shares in CapitaLand Investment and UOL Group are trading at $2.65 and $6.28 respectively.
