The High Court of Singapore has granted the sale order for the collective acquisition of Thomson View Condominium by CapitaLand Development (CLD) and UOL Group. “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,” said Ronald Tay, CEO of CLD (Singapore), and Liam Wee Sin, group chief executive of UOL, in a joint statement published on July 1.
The High Court’s approval signals an end to the uncertainty that had loomed over the collective sale over the past months.
Last October, CLD and UOL Group announced they had entered into a put-and-call option agreement to purchase Thomson View for $810 million. The following month, the developers exercised the call option to acquire the development after obtaining consent from 80% of the owners, based on strata area and share value, to reduce the reserve price from $918 million to $808 million.
However, in March, the Strata Titles Board issued a stop order due to objections from minority owners. Thomson View’s collective sale committee subsequently applied to the High Court for approval. The objections have since been withdrawn.
Thomson View is a 255-unit private condo on Bright Hill Drive. Completed in 1987, it occupies a 504,314 sq ft site with a 99-year lease commencing on April 7, 1975, and a plot ratio of 2.1.
CLD and UOL are acquiring the site through a 50:50 joint venture.
