The Strata Titles Board has issued a definitive stop order on March 19, 2025, effectively halting the S$810 million collective sale of Thomson View Condominium, following unsuccessful mediation attempts to resolve objections raised by dissenting owners. The directive specifically targets the collective sale agreement that was signed in November 2024 with a consortium of prominent developers including UOL Group, Singapore Land, and CapitaLand Development through a conditional call-and-put option arrangement.
Thomson View, a 99-year leasehold development strategically positioned along Upper Thomson Road, comprises 200 apartments, 54 townhouses, and a commercial unit spread across a five-hectare site that holds significant redevelopment potential for up to 1,240 new residential units. The negotiated sale price of S$810 million translates to approximately S$1,178 per square foot per plot ratio, falling 12% below the original reserve price of S$918 million that owners had initially hoped to secure. The collective sale committee has now applied to the High Court for approval, with a hearing scheduled for May 22, 2025.
Under the terms of the agreement, residential property owners stood to receive between S$2.22 million and S$4.94 million, while the sole commercial unit owner was expected to receive approximately S$3.87 million. The extensive deal included provisions for land betterment charges related to intensification of land use and lease upgrading premiums required to secure a fresh 99-year leasehold tenure.
This marks the second failed en bloc attempt for Thomson View Condominium, following a previous S$590 million collective sale that encountered legal complications when the High Court found evidence of secret incentive payments to four owners, which constituted bad faith in the transaction process. The delayed transaction could potentially impact small and medium-sized enterprises that rely on property development activities for business opportunities.
The financial implications for consenting owners may be substantial, as collective sale agreements typically stipulate that these owners bear responsibility for legal costs incurred during the process. The dissenting owners had filed valid objections on several grounds as permitted under the Land Titles Act, exercising their right to protect their individual property interests.
The halted transaction represents a significant development in Singapore’s en bloc market, which has seen several major deals including Pacific Mansion (S$980 million) and Tulip Garden (S$906.9 million), bringing the total estimated en bloc sales in the period to approximately S$10.8 billion.
