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Nixon Soh Property Advisory, Singapore (2026)

22/09/2026

A CONDO ISN'T JUST AN ADDRESS. IT'S A CATCHMENT.
When I analyse a new launch, I draw several circles around it.

Who already lives nearby?
Who can realistically afford the project?
What HDB estates could potentially contribute future upgraders?
What competing private developments are already there?
What future supply could enter the market?

These questions help us understand something more important than simply where the project is located: Who could potentially buy it?

The catchment doesn't tell us exactly who will buy.
But it helps us identify where the potential buyer pool may come from.

And once we know that, we can start asking the next question:
Can those buyers actually afford the product?

That's where location analysis meets affordability analysis.

ASK NIXON | NEW LAUNCH
THOMSON RESERVE

22/09/2026

UPPER THOMSON: WHAT ARE YOU ACTUALLY BUYING INTO?
A property isn't just an address.
It's part of a catchment.

When I analyse Thomson Reserve, I don't look at the development in isolation.

I look at the surrounding environment:

-MRT connectivity
-schools
-surrounding residential areas
-nature
-lifestyle amenities
-competing developments
-future infrastructure

Because ultimately, a property exists within a wider neighbourhood.

For an own-stay buyer, the question may be:
Does this location fit the way my household actually lives?

For an investor:
Does the surrounding catchment support a potential tenant and future buyer pool?

And for an HDB upgrader:
Does this location offer the combination of convenience, lifestyle and affordability that makes the upgrade worthwhile?

That's why I look beyond the project boundary.

The project is the property.
The catchment is the market around it.

And that catchment is where we start understanding potential long-term demand.

ASK NIXON | NEW LAUNCH
THOMSON RESERVE

21/09/2026

WOULD YOU PAY MORE FOR A BETTER VIEW?
A view can change how a buyer experiences a home.

But when I look at view selection, I would go one step further:
How much is the premium?

A better view can mean:
-greater privacy
-more openness
-better outlook
-potentially greater own-stay appeal

But there are three questions I would always ask.

1. HOW MUCH ARE YOU PAYING FOR IT?
A better view may come with a higher floor, a different stack or a higher quantum.

The question isn't simply whether the view is better.
It's whether the additional price is justified for that buyer.

2. IS THE VIEW LIKELY TO REMAIN?
If the view depends on surrounding land, I would also check what is known about the surrounding sites and their future development potential.

A view today isn't necessarily the same view you will have years later.

3. WILL ANOTHER BUYER PAY FOR IT LATER?
This is where own-stay and investment thinking can differ.

If you're buying for yourself, you may be happy to pay more because you personally value the view.

If you're buying as an investment, I would also ask:
Will the next buyer place a similar value on that view?

That's how I think about view selection.

Don't just ask: “Which unit has the best view?”

Ask: “What is the view worth to me and potentially to the next buyer?”

ASK NIXON | NEW LAUNCH
THOMSON RESERVE

19/09/2026

NATURE: LIFESTYLE BENEFIT OR PROPERTY VALUE?

Thomson Reserve sits within the Upper Thomson environment, with access to green spaces including the Central Catchment Nature Reserve, Windsor Nature Park and MacRitchie Reservoir Park.

For some buyers, that can be an important lifestyle consideration.

But here's the question I would ask:

Does every buyer value it equally?

For an own-stay buyer

Proximity to nature may mean:

weekend walks and recreation
a greener environment
access to outdoor activities
a different lifestyle from a more urban location
For a rental / investment buyer

The question becomes different:

Who is willing to pay for that lifestyle?

Would the surrounding nature:
-attract a particular tenant profile?
-influence rental demand?
-differentiate the property from competing projects?
-matter when the property is eventually sold?

And for an HDB upgrader, it may simply come down to priorities:

Would you rather pay for more space, a better layout, a better view or a greener environment?

That's why I don't look at:
“Near nature” = “more valuable”.

A good property analysis asks not just whether an attribute exists, but:
Who values it — and how much are they willing to pay for it?

ASK NIXON | NEW LAUNCH
THOMSON RESERVE

19/09/2026

HOW MUCH SHOULD BUYERS PAY FOR MRT PROXIMITY?
MRT proximity can have value.

But the next question is more difficult:
How much of that advantage is already reflected in the price?

This is where I think property analysis becomes more interesting.

Instead of assigning an arbitrary: “MRT premium = X%”

I prefer to compare the location advantage against actual transaction data.

For example, we can look at:

1. Nearby resale transactions
What are buyers actually paying for comparable properties in the surrounding area?

Not asking prices.
Actual transaction data.

2. Distance to MRT
Two projects can both be described as:

“near MRT”

But the actual walking distance, route and convenience can be very different.

3. Project quality and age
A newer development may offer :
newer facilities → newer layouts → newer specifications

while an older resale project may offer :
established surroundings → potentially larger units → potentially different quantum

So PSF alone isn't enough.

4. Quantum
This is particularly important for buyers.
A project may have an attractive PSF.

But the question for the buyer is still:
“How much am I actually committing?”

A $2,500 psf 2-bedroom and a $2,500 psf 3-bedroom can represent very different financial commitments.

5. What are the alternatives?
This is one of the most important questions.

If a buyer has : $2.0M to spend, the relevant comparison isn't simply :
“Is Thomson Reserve near MRT?”

It is :
“What else can I buy for approximately $2.0M within the same location and buyer profile?”

That's when MRT proximity becomes part of a pricing comparison, rather than simply a location feature.

The key question isn't :
“Is Thomson Reserve near MRT?”
We already know the answer.

The more useful question is :
“How much of that location advantage should I pay for?”

And that's something we can test against :
actual transactions → comparable projects → quantum → unit characteristics → buyer profile

That's the analysis I want to do before forming a view on the eventual launch pricing.

ASK NIXON | NEW LAUNCH
THOMSON RESERVE

19/09/2026

MRT CONNECTIVITY: WHAT DOES IT ACTUALLY MEAN FOR BUYERS?

Thomson Reserve is positioned by Upper Thomson MRT, on the Thomson-East Coast Line (TEL).

The development has a direct sheltered pedestrian connection to Upper Thomson MRT, with access from the main entrance taking about 2 minutes.

But rather than simply saying:
“MRT = good.”

I prefer to ask:
Who actually benefits from the connectivity?

* Own-stay buyer
MRT access can mean more than just commuting.

It can affect:
daily convenience → access to work → access to amenities → lifestyle → car dependency

For a buyer who regularly uses public transport, convenient MRT access may have a very different value compared with someone who drives most of the time.

* Rental / investment buyer
The question changes again.

Instead of asking: “Is there an MRT?”

I would ask: “Which tenants would value this location?”

For example:
MRT access → tenant profile → competing projects → achievable rent → vacancy risk → eventual buyer pool

Connectivity can be one factor in a property's appeal.

But it doesn't automatically tell us what rent the unit will achieve or whether the purchase price already reflects that location advantage.

* HDB upgrader / own-stay family
Connectivity can also affect how a family uses the property.
-Work
-School
-Daily errands
-Weekend activities
-Amount of driving required

But again, the MRT is only one part of the decision.
A family may value:
MRT + schools + amenities + layout + unit size + quantum
rather than MRT proximity on its own.

Same MRT. Different buyers. Different value.

That's why I don't think : “Near MRT” is enough analysis.

The better question is:
“What does the MRT actually change for this particular buyer?”

For Thomson Reserve, that's where the location analysis starts.

Next: How much should buyers actually pay for that MRT advantage?

ASK NIXON | NEW LAUNCH
THOMSON RESERVE

16/09/2026

WHEN THE PRICE IS OUT, WHAT SHOULD WE LOOK AT?
Eventually, the question everyone will ask is:

"How much is Thomson Reserve?"

That's an important question.

But once the price is released, I think there are several even more useful questions to ask.

1. How does it compare?

What are comparable new launches and resale properties actually transacting at, rather than simply asking?

2. What is the quantum?

A PSF figure may look attractive.

But what does the total purchase price mean for the buyer?

3. What are the alternatives?

What other new launch and resale options could a buyer consider at a similar quantum?

4. Who is the buyer?

A price that may work well for one buyer may not necessarily work for another.

A single buyer, an investor and an HDB upgrader can have very different affordability levels, objectives and priorities.

5. What happens after the purchase?

For an investor, that may mean rental demand, competing stock and future exit considerations.

For an own-stay buyer, it may mean long-term liveability and lifestyle suitability.

For an HDB upgrader, it may mean the impact on cash, CPF, financing and overall monthly commitment.

So when Thomson Reserve's pricing is eventually released, I won't just be asking whether the PSF looks attractive.

I'll be looking at the price, quantum, alternatives and buyer profile together.

Because a price only becomes meaningful when we know what we're comparing it with and who we're comparing it for.

ASK NIXON | NEW LAUNCH
THOMSON RESERVE

15/09/2026

FROM LAND COST TO LAUNCH PRICE — THERE'S A LOT IN BETWEEN.
When a new launch eventually comes to market, it can be tempting to look at the land cost and try to work backwards to a selling price.

But the relationship isn't that straightforward.

A developer's eventual pricing considerations can include land cost, construction costs, financing, development requirements, marketing, market conditions and buyer affordability.

So if Thomson Reserve eventually launches at a particular PSF, I wouldn't look at that number in isolation.

I'd want to understand how the different pieces of the pricing equation come together.

For example, two projects may have different land costs, but they may also have very different:

development scale
construction requirements
unit mix
facilities
location characteristics
competitive environment
market conditions

That's why I think the more useful exercise is not simply:

“What price does the land cost suggest?”

but:

“How does the eventual launch price compare with the overall proposition and the alternatives available to buyers?”

Once the actual price is released, that's when the numbers become much more interesting.

ASK NIXON | NEW LAUNCH
THOMSON RESERVE

15/09/2026

$1,178 PSF PPR. NOW PUT IT INTO CONTEXT.
The $1,178 psf ppr figure refers to the reported land cost of the development.

It is not the price a homebuyer pays for a unit.

On its own, the number tells us only part of the story.

It becomes more useful when we compare it with other land parcels and the competitive environment surrounding the development.

That gives us a starting point for asking better questions:

How does Thomson Reserve's land cost compare with other land acquisitions?

What were the characteristics of those competing sites?

How might differences in location, tenure, plot ratio and development scale affect the comparison?

And perhaps most importantly:

What does all of this mean when we eventually look at the project's pricing?

For example, if two developments have different land costs, we shouldn't automatically conclude that the one with the lower land cost should have the lower selling price.

The developments may differ in location, land size, unit mix, facilities, density, construction costs and market positioning.

So $1,178 psf ppr isn't an answer by itself.

It's one piece of the puzzle that helps us understand the pricing context surrounding Thomson Reserve.

ASK NIXON | NEW LAUNCH
THOMSON RESERVE

15/09/2026

START WITH THE LAND.
One of the first numbers I look at when analysing a new launch is the land cost.

For Thomson Reserve, the project material puts the acquisition cost of the former Thomson View site at approximately $810 million, equivalent to about $1,178 psf ppr.

So why does this number matter?

Because land cost is one of the starting points for understanding the cost base and pricing context of a development.

But $810 million isn't the price of the homes, and $1,178 psf ppr isn't the PSF that a buyer will pay.

There are many other factors that come into the equation — including construction, financing, development costs, marketing, the product itself, market conditions and the competitive landscape.

So I don't look at the land cost and immediately ask:

“Is this cheap or expensive?”

I ask:

“What does this starting point tell us about the project?”

And that's where comparing Thomson Reserve with other land parcels and developments becomes useful.

ASK NIXON | NEW LAUNCH
THOMSON RESERVE

Nixon Soh Property Advisory

22/09/2026

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