Thomson Reserve, a 1,268-unit condominium off Upper Thomson Road, sold 1,143 homes, or about 90% of the project, at an average price of S$2,900 per square foot over its Oct. 31 launch weekend, its developers UOL Group and CapitaLand Development said in a statement on Sunday, Nov. 1, according to The Business Times.

That is the largest launch-weekend haul of any Singapore project this year. PropNex Chief Executive Kelvin Fong said it passed the 853 units sold when Tengah Garden Residences opened in April. For investors in UOL and minority partner Singapore Land Group, as well as CapitaLand Development, a near sell-out locks in revenue on the year's biggest private launch and frees capital for the next sites in their pipeline.

Thomson Reserve buyers took the big units first

The developers said most buyers were Singaporeans buying to live in or to invest, and that the show flat drew 32,000 visitors over two weekends of public preview. EdgeProp had reported on Oct. 28 that the project collected around 3,200 cheques from interested buyers, more than 2.5 times the number of units, before bookings opened.

Entry prices helped. According to the launch announcement from CapitaLand, two-bedroom units started at S$1.544 million and three-bedroom units at S$2.503 million, with the overall starting rate at S$2,608 psf. Four-bedroom homes started at S$3.388 million.

Fong told The Business Times that all three- and four-bedroom units were sold and most of the 28 five-bedroom suites were taken. He read that as solid appetite for larger homes when the pricing is right. Mark Yip, chief executive of Huttons Asia, said the premium four-bedroom units with private lifts and the premium three-bedders were among the first to go, and that 215 units were bought in multiple purchases, often by extended families.

Two-bedroom units made up the bulk of the project. EdgeProp's breakdown showed 716 two-bedders, about 56.5% of the total, against 350 three-bedders, 174 four-bedders and the 28 suites. That means most of the 125 or so units left are likely to be smaller homes.

Land bought at S$1,178 psf ppr in 2024

The project sits on the former Thomson View Condominium, a five-hectare site at Bright Hill Drive that the partners bought in a collective sale in November 2024 for S$810 million, EdgeProp reported. Including lease top-up and land betterment charges, that worked out to S$1,178 psf per plot ratio. CapitaLand Development holds 50%, UOL 40% and Singapore Land Group 10%, according to EdgeProp.

That land cost now looks cheap. In September, a government land sale site at Lorong Puntong and Sin Ming Avenue drew seven bids, with Eco World Development's top offer of S$208.1 million working out to S$1,612 psf ppr, about 37% above the Thomson View land rate, EdgeProp said.

The 99-year leasehold project is expected to receive its temporary occupation permit in the second half of 2030, with vacant possession estimated by Feb. 28, 2031, CapitaLand said. It is linked by a sheltered walkway to Upper Thomson station on the Thomson-East Coast Line. An analyst quoted by EdgeProp described it as the first new development of more than 1,000 units in the Bishan planning area in about eight years, since the 1,206-unit JadeScape in 2018.

A rebound after thin September launches

The result is a sharp turn from recent launches. Nicholas Mak, chief research officer at Mogul.sg, told The Business Times that Thomson Reserve had "reversed the trend" of falling take-up rates at new projects. He pointed to Amberwood at Holland, which sold 23 of the 70 units released in its first phase in September, or 32.9%.

Mak said demand remains healthy but buyers are choosy, with proximity to an MRT station and a shopping mall now the main factors driving sales, even in the city fringe and central areas. Fong said projects in established neighborhoods near train stations, with a range of unit sizes at manageable prices, should find buyers in 2027.

The comparison with other big launches is close. ParkTown Residence sold 1,041 units, or 87%, at an average of S$2,360 psf over its February 2025 launch weekend, while Skye at Holland sold 99% of its 666 units at about S$2,953 psf in October 2025, EdgeProp reported. Thomson Reserve's S$2,900 psf average sits just below Skye at Holland's.

The strong private result contrasts with public housing, where HDB resale prices slipped for a third straight quarter in the July to September period.

UOL and CapitaLand Development have two more sites lined up, at Hougang Central and New Upper Changi Road, which are expected to yield about 1,840 units between them, according to EdgeProp. The next check on the market is the Urban Redevelopment Authority's monthly developer sales figures for October, which will include the Thomson Reserve bookings.