# Thomson Reserve: First mega launch in eight years at Upper Thomson, priced from $2,608 psf

- **Source:** EdgeProp Singapore
- **Published:** 2026-10-15T01:45:05.000Z
- **Author:** Cecilia Chow
- **Original:** https://www.edgeprop.sg/property-news/thomson-reserve-first-mega-launch-eight-years-upper-thomson-priced-2608-psf
- **Topics:** Private Residential, New Launches, Transactions & Deals

## Featured rationale

Limited recent supply and rising replacement land costs signal potential pent-up demand, which may support transactions among private homeowners, HDB upgraders and rightsizers.

## AI summary

The 1,268-unit Thomson Reserve, Upper Thomson–Shunfu’s first major residential launch in eight years, will launch on Oct 31 from $1.544 million ($2,608 psf).

## Original article

The 1,268-unit Thomson Reserve will be the largest new private residential project to launch in Singapore this year, and the first mega development with more than 1,000 units to debut in 2026.

Occupying a sprawling 5ha site — equivalent to about seven football fields — the development has a prominent 500m frontage along Upper Thomson Road.

A VIP preview will be held on Friday, Oct 16, ahead of the public preview the following day. The official launch is scheduled for Oct 31.

Read also: Pan Pacific Hotels to roll out 10 new-build and renovation projects across Southeast Asia in 2027

It will be the first major new residential launch in the Upper Thomson–Shunfu neighbourhood in eight years, following the 1,206-unit JadeScape in 2018.

The 99-year leasehold Thomson Reserve is a redevelopment of the former Thomson View Condominium, which was sold en bloc for $810 million in November 2024.

The buyer was a consortium comprising CapitaLand Development (CLD), with a 50% stake, UOL Group (40%) and its subsidiary, Singapore Land Group (10%).

The acquisition marked the end of a 17-year collective-sale journey for Thomson View’s owners, who had made five attempts since 2007 before finally securing a buyer.

The $810 million purchase price translated into a land rate of $1,178 psf per plot ratio (psf ppr), after factoring in the land betterment charges and the lease top-up premium to a fresh 99 years.

"A large five-hectare site like Thomson Reserve gives us the opportunity to create a spacious development that merges architecture with nature, offering a differentiated product that captures an increasingly sought-after lifestyle that owners are looking for," says UOL Group CEO Liam Wee Sin.

Read also: NoMad Hilton Singapore opens for bookings; hotel to open in late 2026

"Such distinctive locational and design attributes, together with the limited supply, have generated keen interest in Thomson Reserve," adds Liam.

Proximity to nature and amenities

Thomson Reserve is surrounded by established low-rise private residential estates, including Soo Chow Gardens and Adelphi Park, as well as Windsor Park Estate, which is a Good Class Bungalow area.

Its elevated position offers panoramic views stretching from the surrounding landed estates to the city skyline, Singapore Island Country Club, Windsor Nature Park, the Central Catchment Nature Reserve and Bukit Timah Nature Reserve.

The Central Catchment Nature Reserve spans more than 3,000ha of forests and reservoirs, including MacRitchie Reservoir and Upper and Lower Peirce Reservoirs.

“What made this particular site especially compelling is also its scale and permanent natural setting,” says Liam. “The elevated topography, surrounding landed housing enclaves and proximity to the reservoirs and Central Catchment offer exceptional views and a sense of openness that is increasingly rare in Singapore.”

The development is a two-minute walk from Upper Thomson MRT Station on the Thomson-East Coast Line, with sheltered access from the main entrance.

Read also: CapitaLand, UOL joint venture tops four bids for New Upper Changi Road GLS site at $1,537 psf ppr

Ai Tong School is within walking distance, while Thomson Plaza is directly across Upper Thomson Road and accessible via an overhead bridge or the MRT station’s underground linkway.

Residents will also have access to the popular Upper Thomson dining stretch, which includes longstanding eateries such as Casuarina Curry, Nam Kee Chicken Rice and The Roti Prata House, alongside establishments such as Columbus Coffee Co, Filo Bistro, Salted Caramel and Omoté.

“Redeveloping [the Thomson View] site has given us an opportunity to build on the strengths of an established neighbourhood,” says CLD CEO (Singapore & International) Ronald Tay.

Two collections catering to different buyers

Thomson Reserve comprises two residential collections. The Classic Collection has 740 units across four 21-storey towers, while the Luxury Collection comprises 528 units in two 30-storey towers.

The Classic Collection offers two- to four-bedroom layouts, while the Luxury Collection features a mix of two-bedroom premium units to five-bedroom suites. Of the 528 units in the Luxury Collection, 112 larger four-bedroom premium units and five-bedroom suites feature private lift access.

Two-bedroom configurations make up 716 units (56.5%). Unit sizes range from 592 to 775 sq ft, with prices starting from $1.544 million ($2,608 psf).

Three-bedroom unit types account for another 350 units (27.6%), with sizes ranging from 947 to 1,152 sq ft. Prices start from $2.503 million ($2,643 psf).

Four-bedroom units account for 174 units (13.7%), ranging from 1,238 to 1,485 sq ft. Prices start from $3.388 million ($2,737 psf) for a 1,238 sq ft apartment.

At the top end are 28 five-bedroom suites, each measuring 1,808 sq ft. Occupying a single residential stack with unblocked views towards MacRitchie Reservoir and the Orchard Road skyline, they account for just 2.2% of the development.

The range of apartment sizes is intended to appeal to buyers at different stages of life. “While we expect interest from buyers familiar with the Upper Thomson neighbourhood, we believe its appeal extends beyond the immediate catchment to homebuyers across Singapore,” says CLD’s Tay.

He expects Thomson Reserve to attract first-time homeowners, young families and HDB upgraders, as well as existing private homeowners looking to upgrade or rightsize, and multigenerational families seeking larger living spaces.

Bringing the Central Catchment into the development

The six residential towers occupy just 12% of Thomson Reserve’s site, leaving the remaining 88% for landscaping, water features and recreational facilities.

Designed by P&T Consultants, the towers have been oriented to maximise views of the surrounding greenery and minimise direct overlooking between blocks.

Inspired by the man-made contours of nearby MacRitchie Reservoir, P&T designed organically shaped pools and water features across the grounds to evoke a series of mini reservoirs.

More than 45% of the residential stacks face the Central Catchment Nature Reserve, while over 80% enjoy either greenery views or views of the development’s internal landscaping and waterscapes designed by Ecoplan Asia.

The development will have more than 80 facilities across three clubhouses, including eight swimming pools, two of which are 50m lap pools.

“Situated on one of the largest collective sale sites in recent history, the generous land size has allowed the developers to curate expansive greenery and comprehensive facilities,” says Mark Yip, CEO of Huttons Asia, one of the three appointed joint marketing agents for Thomson Reserve, alongside PropNex and ERA.

Marcus Chu, CEO of ERA Singapore, believes the development’s elevated position and surrounding views will appeal particularly to buyers of higher-floor apartments. However, he considers the combination of greenery and convenience to be the stronger draw.

“Views may influence which unit a buyer chooses, but location and liveability are more likely to drive the decision to choose the development in the first place,” he says. Thomson Reserve is expected to obtain its temporary occupation permit in the second half of 2030.

Pent-up demand for new homes

The last mega condo launch in the immediate Upper Thomson–Shunfu area was JadeScape in 2018. Developed by Qingjian Realty, the project occupies the former Shunfu Ville site, a privatised HUDC estate that the developer acquired through an en bloc sale for $638 million in 2016.

JadeScape was subsequently fully sold and completed in 2022.

“Thomson Reserve represents the first new mega development of more than 1,000 units to be launched in the Bishan Planning Area in about eight years,” says Mohan Sandrasegeran, SRI’s head of research and data analytics.

It will be the UOL-CapitaLand joint venture’s second mega development in two years, following the 1,193-unit ParkTown Residence in Tampines. Launched in February 2025, ParkTown Residence sold 1,041 units, or 87%, during its launch weekend and is now 98% sold.

“We expect Thomson Reserve to garner healthy buyer interest owing partly to pent-up demand, its strong location attributes, and the wide selection of units at the development,” says Kelvin Fong, CEO of PropNex.

Mega developments tend to attract interest because of their wider range of unit types, greater market visibility and extensive recreational facilities, Fong adds.

For prospective buyers at Thomson Reserve, JadeScape also offers a useful pricing benchmark. Both are large 99-year leasehold developments in District 20, near MRT stations, and are redevelopments of private sites purchased en bloc.

According to ERA Research and Market Intelligence, JadeScape’s median resale price reached $2,341 psf in 2026, up 7.6% from 2023, based on caveats lodged as at Oct 13.

Meanwhile, SRI Research’s analysis of URA Realis caveats showed 253 resale transactions at JadeScape to date. All 253 transactions recorded gross gains for their respective sellers, based on the difference between their recorded purchase and resale prices, says Sandrasegeran.

Where will buyers come from?

PropNex’s sales data from JadeScape’s launch in 2018 and subsequent sales showed that about 53% of buyers served by the agency had HDB addresses. At the 372-unit Amo Residence, launched in 2022, the corresponding proportion was 46%. At both projects, just over a quarter of buyers served by PropNex lived in District 20.

“These figures suggest that new launches in the area can draw demand from a meaningful pool of HDB upgraders, as well as buyers already living in the district,” says PropNex’s Fong.

He expects HDB upgraders at Thomson Reserve to come from established estates such as Bishan and Ang Mo Kio, with interest likely to be concentrated in the larger two-bedroom and three-bedroom units.

Bishan recorded 79 HDB resale transactions of at least $1 million as at Oct 13, compared with 98 for the whole of 2025, according to ERA Research and Market Intelligence.

Another potential buyer group is landed homeowners looking to rightsize. ERA data shows that the median resale price of landed homes in District 20 has almost doubled from $1,152 psf in 2016 to $2,300 psf in the first nine months of 2026. This appreciation could allow owners to unlock some of their housing equity while remaining in a familiar neighbourhood, says ERA’s Chu.

He also sees potential demand for two-bedroom units from singles who want to live near their parents in the surrounding landed estates. “This allows families to stay connected while maintaining their own living space,” he says.

Larger three- to five-bedroom apartments, meanwhile, are expected to attract families seeking more space, while investors could be drawn by the development’s MRT connectivity and rental potential.

Huttons’ Yip estimates that existing private homeowners could account for about 80% of buyers at Thomson Reserve, with HDB upgraders making up the remaining 20%.

Rising land costs put future prices in focus

Beyond the resale market, the outcome of a recent Government Land Sale (GLS) tender in the neighbourhood provides another reference point for Thomson Reserve’s pricing.

The Lorong Puntong–Sin Ming Avenue residential site attracted seven bids when its tender closed on Sept 15. Malaysian developer Eco World Development submitted the highest offer of $208.1 million, or $1,612 psf ppr.

“The Lorong Puntong–Sin Ming Avenue GLS site tender is particularly interesting, as it gives us a glimpse of what developers are prepared to pay for future residential supply in this neighbourhood,” says ERA’s Chu. At $1,612 psf ppr, Eco World’s bid was approximately 37% higher than the $1,178 psf ppr land rate for the former Thomson View site. “This does not mean future selling prices will be 37% higher,” Chu says. “It suggests that the replacement cost of new homes in the Thomson-Bishan area is rising.”

With prices starting from $2,608 psf and a broad mix of two- to five-bedroom homes, Thomson Reserve will test buyers’ willingness to pay for a new home in one of Singapore’s established residential enclaves. Its appeal rests on a combination of connectivity, spacious homes, and views of the surrounding greenery.

"The private residential market has remained resilient, with buyers continuing to prioritise launches that offer strong transport connectivity, access to good schools and other amenities," says UOL Group's Liam. "Thomson Reserve brings these qualities together in one address, with interest expected from buyers drawn to the area’s established character and our strong product positioning."

Check out the latest listings for Thomson Reserve properties

## Chinese translation

> Translation model: grok_cli

### Thomson Reserve：汤申上段八年来首个大型项目开盘，起价每平方英尺2,608新元

公开展示于10月16日开始，两房单位起价为154.4万新元（每平方英尺2,608新元）。

拥有1,268个单位的Thomson Reserve，将成为今年在新加坡推出的最大全新私人住宅项目，也是2026年首个面世的、超过1,000个单位的大型发展项目。

该发展项目占地辽阔，达5公顷——约相当于七个足球场——并沿汤申路上段（Upper Thomson Road）拥有长达500米的醒目临街面。

贵宾预览将于10月16日星期五举行，公众预览则于次日进行。正式开盘定于10月31日。

另请阅读：Pan Pacific Hotels将于2027年在东南亚推出10个新建及翻新项目

这将是汤申上段–顺福（Upper Thomson–Shunfu）一带八年来首个主要全新住宅项目开盘，上一次是2018年推出、共1,206个单位的JadeScape。

99年地契的Thomson Reserve由前Thomson View Condominium重建而成，该项目于2024年11月以8.1亿新元集体出售。

买家为一个财团，由持股50%的凯德发展（CapitaLand Development，CLD）、持股40%的华业集团（UOL Group），及其子公司、持股10%的新加坡置地集团（Singapore Land Group）组成。

此次收购为Thomson View业主长达17年的集体出售历程画上句号。自2007年以来，业主曾五度尝试，直至此次才终于找到买家。

在计入土地增值费以及将地契补足至全新99年的溢价后，8.1亿新元的收购价折合土地价格为每平方英尺容积率1,178新元（psf ppr）。

华业集团首席执行官Liam Wee Sin表示：“像Thomson Reserve这样占地五公顷的大地块，让我们有机会打造一个融合建筑与自然的宽敞发展项目，提供一种差异化产品，以捕捉业主日益追求的生活方式。”

另请阅读：NoMad Hilton Singapore开放预订；酒店将于2026年下旬开业

Liam补充道：“这些鲜明的区位与设计特质，加上有限的供应，已为Thomson Reserve带来热切关注。”

毗邻自然与生活配套

Thomson Reserve周边是成熟的低层私人住宅区，包括Soo Chow Gardens和Adelphi Park，以及属于优质洋房（Good Class Bungalow）区的Windsor Park Estate。

项目地势较高，全景可从周边有地住宅区一路延展至城市天际线、新加坡岛乡村俱乐部（Singapore Island Country Club）、Windsor Nature Park、中央集水区自然保护区（Central Catchment Nature Reserve）和武吉知马自然保护区（Bukit Timah Nature Reserve）。

中央集水区自然保护区覆盖超过3,000公顷的森林与蓄水池，包括麦里芝蓄水池（MacRitchie Reservoir）以及Upper Peirce蓄水池和Lower Peirce蓄水池。

Liam表示：“令这个地块尤其具有吸引力的，还有它的规模和永久性的自然环境。”他又说：“较高的地势、周边的有地住宅聚落，以及邻近蓄水池和中央集水区，带来卓越的景观，以及一种在新加坡日益稀缺的开阔感。”

该发展项目距离汤申－东海岸线（Thomson-East Coast Line）汤申上站（Upper Thomson MRT Station）步行两分钟，并自主入口设有有盖通道。

另请阅读：凯德与华业合资企业以每平方英尺容积率1,537新元的价格，在新樟宜路上段（New Upper Changi Road）政府售地计划（GLS）地段的四份投标中出价最高

爱同学校（Ai Tong School）位于步行距离之内，汤申广场（Thomson Plaza）则正对汤申路上段，可经行人天桥或地铁站地下连通道抵达。

住户还可前往人气颇高的汤申上段餐饮带，那里既有Casuarina Curry、Nam Kee Chicken Rice和The Roti Prata House等老字号食肆，也有Columbus Coffee Co、Filo Bistro、Salted Caramel和Omoté等商户。

凯德发展新加坡及国际首席执行官Ronald Tay表示：“重建［Thomson View］地块，让我们有机会在一个成熟社区的既有优势之上继续发展。”

两大系列满足不同买家

Thomson Reserve包含两个住宅系列。经典系列（Classic Collection）共有740个单位，分布于四栋21层大楼；豪华系列（Luxury Collection）共有528个单位，位于两栋30层大楼。

经典系列提供两房至四房户型，豪华系列则涵盖两房高端单位至五房套房。在豪华系列的528个单位中，112个较大的四房高端单位和五房套房设有私人电梯入户。

两房户型共716个单位（56.5%）。单位面积由592至775平方英尺，起价为154.4万新元（每平方英尺2,608新元）。

三房户型另有350个单位（27.6%），面积由947至1,152平方英尺。起价为250.3万新元（每平方英尺2,643新元）。

四房单位共174个（13.7%），面积由1,238至1,485平方英尺。一套1,238平方英尺公寓的起价为338.8万新元（每平方英尺2,737新元）。

最高端为28套五房套房，每套面积1,808平方英尺。它们占据单独一列住宅单元，可无遮挡眺望麦里芝蓄水池和乌节路（Orchard Road）天际线，仅占整个发展项目的2.2%。

公寓面积的跨度旨在吸引处于不同人生阶段的买家。凯德发展的Tay表示：“我们预计熟悉汤申上段一带的买家会有兴趣，同时也相信其吸引力将超出紧邻腹地，延伸至新加坡各地的购房者。”

他预计，Thomson Reserve将吸引首次置业者、年轻家庭和组屋升级者，以及有意升级或调整住房规模的现有私人住宅业主，还有寻求更大居住空间的多代同堂家庭。

将中央集水区融入发展项目

六栋住宅大楼仅占Thomson Reserve用地的12%，其余88%用于景观绿化、水景和休闲设施。

大楼由P&T Consultants设计，朝向经过安排，以尽量纳入周边绿化景观，并减少楼栋之间的直接对望。

受邻近麦里芝蓄水池人工轮廓的启发，P&T在场地内设计了有机造型的泳池和水景，以唤起一系列迷你蓄水池的意象。

超过45%的住宅单元列面向中央集水区自然保护区，超过80%可欣赏绿化景观，或欣赏由Ecoplan Asia设计的项目内部景观绿化与水景。

发展项目将在三座会所设置超过80项设施，包括八个游泳池，其中两个为50米泳道泳池。

“项目坐落于近年历史上规模��大的集体出售地块之一，充裕的土地面积使发展商得以精心营造大片绿化及完善的设施，”Thomson Reserve三家指定联合营销代理之一、合登亚洲（Huttons Asia）首席执行官Mark Yip表示，另外两家为PropNex和ERA。

ERA新加坡首席执行官Marcus Chu认为，发展项目较高的地势及周边景观，尤其会吸引购买较高楼层单位的买家。不过，他认为绿化与便利的结合才是更强的吸引力。

他表示：“景观可能会影响买家选择哪一个单位，但区位和宜居性更有可能推动买家在一开始就决定选择这个发展项目。”Thomson Reserve预计于2030年下半年取得临时入伙准证（TOP）。

新房积压需求

汤申上段–顺福一带上一个大型共管公寓开盘，是2018年的JadeScape。该项目由青建地产（Qingjian Realty）开发，所在地为前Shunfu Ville地块；这是一个已私有化的HUDC组屋区，发展商于2016年通过集体出售以6.38亿新元购入。

JadeScape随后于2022年全部售出并竣工。

SRI研究与数据分析主管Mohan Sandrasegeran表示：“Thomson Reserve是约八年来，碧山规划区（Bishan Planning Area）首个推出的、单位数超过1,000个的全新大型发展项目。”

这将是华业与凯德合资企业两年来的第二个大型发展项目，上一个是位于淡滨尼（Tampines）、共1,193个单位的ParkTown Residence。该项目于2025年2月开盘，开盘周末售出1,041个单位，即87%，目前已售出98%。

PropNex首席执行官Kelvin Fong表示：“我们预计Thomson Reserve将获得良好的买家兴趣，部分原因在于积压需求、强劲的区位条件，以及项目内广泛的单位选择。”

Fong补充说，大型发展项目往往因户型种类更广、市场曝光度更高以及休闲设施更完善而吸引兴趣。

对有意购买Thomson Reserve的买家而言，JadeScape也提供了有用的定价基准。两者都是第20邮区（District 20）内、邻近地铁站的大型99年地契发展项目，且都是经集体出售购入的私人地块重建而成。

根据ERA研究与市场情报（ERA Research and Market Intelligence），按截至10月13日呈报的交易备案（caveat）计算，JadeScape的转售价格中位数在2026年达到每平方英尺2,341新元，较2023年上升7.6%。

与此同时，SRI Research对市区重建局Realis（URA Realis）交易备案的分析显示，JadeScape迄今有253宗转售交易。Sandrasegeran表示，按各自录得的购入价与转售价之差计算，全部253宗交易的卖家均录得毛收益。

买家将从何而来？

PropNex关于JadeScape 2018年开盘及此后销售的数据显示，该机构服务的买家中约有53%住址为组屋。2022年推出、共372个单位的Amo Residence，相应比例为46%。在这两个项目中，PropNex所服务的买家里，略超过四分之一居住在第20邮区。

PropNex的Fong表示：“这些数字表明，该区新盘能够从规模可观的组屋升级者群体，以及已在该邮区居住的买家中吸引需求。”

他预计，Thomson Reserve的组屋升级者将来自碧山（Bishan）和宏茂桥（Ang Mo Kio）等成熟组屋区，兴趣很可能集中在较大的两房和三房单位。

根据ERA研究与市场情报，截至10月13日，碧山录得79宗价格至少为100万新元的组屋转售交易，2025年全年则为98宗。

另一个潜在买家群体，是希望调整住房规模的有地住宅业主。ERA数据显示，第20邮区有地住宅的转售价格中位数已从2016年的每平方英尺1,152新元，升至2026年前九个月的每平方英尺2,300新元，几乎翻了一倍。ERA的Chu表示，这样的升值或可让业主在继续留在熟悉社区的同时，释放部分房产净值。

他还认为，希望住在周边有地住宅区父母附近的单身人士，对两房单位存在潜在需求。他表示：“这让家人保持联系，同时保有各自的居住空间。”

与此同时，较大的三房至五房公寓预计将吸引寻求更多空间的家庭，投资者则可能被项目的地铁连通性和租赁潜力所吸引。

合登的Yip估计，现有私人住宅业主可能约占Thomson Reserve买家的80%，组屋升级者占其余20%。

土地成本上升令未来售价备受关注

在转售市场之外，该区近期一项政府售地计划（GLS）招标的结果，为Thomson Reserve的定价提供了另一个参照。

Lorong Puntong–新民大道（Sin Ming Avenue）住宅地块在9月15日招标截止时共吸引七份投标。马来西亚发展商Eco World Development递交了最高出价2.081亿新元，即每平方英尺容积率1,612新元。

ERA的Chu表示：“Lorong Puntong–新民大道政府售地计划地块的招标特别值得关注，因为它让我们得以窥见发展商愿意为这一带未来的住宅供应支付什么价格。”以每平方英尺容积率1,612新元计算，Eco World的出价较前Thomson View地块每平方英尺容积率1,178新元的土地价格高出约37%。Chu说：“这并不意味着未来的售价会高出37%。”他又说：“它表明，汤申–碧山一带新房的重置成本正在上升。”

Thomson Reserve起价为每平方英尺2,608新元，并提供两房至五房的广泛户型组合，将考验买家在新加坡成熟住宅区之一购买新房的支付意愿。其吸引力立足于交通连通性、宽敞住宅以及周边绿化景观的结合。

华业集团的Liam表示：“私人住宅市场保持韧性，买家继续优先考虑那些交通连通性强、便于前往优质学校及其他配套的新盘。”他又说：“Thomson Reserve将这些特质汇于同一地址，预计将吸引被该区成熟特质以及我们强有力的产品定位所吸引的买家。”

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