A staggering S$810 million deal for the Thomson View Condominium en bloc sale has hit a major roadblock, leaving owners and developers in limbo. On March 19, 2025, the Strata Titles Board (STB) issued a stop order on this massive transaction, effectively halting it after mediation failed to resolve disputes among owners. This isn’t just a small hiccup; unless a new agreement emerges or a fresh application is filed, the deal is off the table.
A staggering S$810 million Thomson View en bloc deal is halted by a Strata Titles Board stop order, leaving all parties in limbo.
In Singapore, mediation is a required step for disputed en bloc sales, and here, owner objections were loud enough to trigger this regulatory intervention. It’s a classic case of high stakes meeting high tension. Additionally, the collective sale committee has now applied to the High Court for approval, hoping to overturn the stop order High Court approval.
The deal itself, brokered by ETC, was ambitious from the start. UOL, Singapore Land, and CapitaLand Development teamed up as joint buyers, signing a conditional call-and-put option back in October 2024. They agreed on a price of S$810 million, which, while hefty, was 12% below the original S$918 million reserve price. This discount, translating to S$1,178 per square foot per plot ratio, needed at least 80% owner consent to adjust downward and move forward.
The site, a sprawling five-hectare plot along Upper Thomson Road, currently houses 200 apartments, 54 townhouses, and a shop unit. Developers had big plans, envisioning 1,240 new residential units—a transformation that drew major consortiums to bid. Recent market trends, however, show that high interest rates have previously dampened developer appetite, adding another layer of complexity to this deal high interest rates.
Yet, not everyone was on board with this vision. A significant group of owners resisted, unhappy with the sale price, how proceeds would be split, and the rising cost of replacement homes. Past sale attempts at Thomson View had stumbled for similar reasons, showing deep, ongoing divisions.
Meanwhile, Singapore’s en bloc market in 2025 isn’t exactly buzzing with excitement. Sellers worry about finding affordable housing post-sale, and developers hesitate amid shaky market vibes, making blockbuster deals like this rarer and riskier. The modest 3% decline in housing prices predicted for 2024 has contributed to a cautious approach from both buyers and sellers in the collective sale arena price decline.
This stop order isn’t just a pause; it’s a spotlight on broader challenges in high-value collective sales. With owner dissent and market caution clashing, Thomson View’s saga is a reminder that even huge deals can unravel. Will there be a comeback? Only time, and perhaps a lot of compromise, will tell.
