Wee Hur Holdings acquires Thomson View Condominium for S$590m

The site sits on a land area of about 540,314 square feet.

Property developer Wee Hur Holdings Ltd has acquired Thomson View Condominium for S$590 million through a newly set up joint venture.

The Group’s wholly-owned subsidiary Wee Hur Development Pte Ltd will hold 51% of the JV, Wee Hur-Lucrum Pte Ltd, with the remaining stake held by Lucrum Capital Pte Ltd.

The estimated cost of the acquisition is S$712 per square foot per plot ratio taking into consideration the estimated differential premium and lease upgrading premium payable for the redevelopment of the site, which is a 99-year leasehold residential property with a remaining term of about 62 years.

The acquisition is subject to terms and conditions such as receiving certain specified approvals from Strata Titles Board, Urban Redevelopment Authority, and Singapore Land Authority.

The approvals largely pertain to being granted a fresh 99-year lease and the permission to redevelop into a condominium development with apartment blocks of up to 24-storeys and a gross plot ratio of 2.1 in accordance with URA’s Master Plan 2008.