Thomson Reserve's launch: 90.1% sold at $2,900 psf, and the 2-bedrooms left

Thomson Reserve went on sale on 30 and 31 October 2026. Over those 2 days, 1,143 of its 1,268 homes sold, 90.1%, at an average of $2,900 psf, the developers UOL Group and CapitaLand Development said in a joint statement reported by EdgeProp. Every 3-bedroom and 4-bedroom sold. Most of the 125 homes left are the two smaller 2-bedroom layouts.

Before the launch, this series compared three average prices buyers were discussing: $2,700, $3,000 and $3,300 psf. This note puts the actual average against them, and works out what a 2-bedroom bought now at the prices left could make.

What is in this note

• The short answer
• What sold, by size
• How $2,900 psf compares with resale nearby and with land cost
• Who bought
• If you are looking at the 2-bedrooms left
• What this tells you

The short answer

• What sold. 1,143 of 1,268 homes, 90.1%. All 350 3-bedrooms, all 174 4-bedrooms and all 200 2-bedrooms with a study sold, and 26 of 28 5-bedrooms. 123 smaller 2-bedrooms and 2 5-bedrooms were left.
• The price. The average was $2,900 psf, between the $2,700 and $3,000 levels this series looked at. At $2,900, Thomson Reserve is 25.4% above what homes at four nearby condos resell for. That is below the usual 27.0% to 45.3% for launches near here, and 7 of 9 earlier launches had a larger premium. Against land cost it is 2.46 times, above the usual 2.11 to 2.40 times.
• Who bought. About 90% bought to live in, mostly people from districts 19 and 20, by Huttons Data Analytics' estimate.
• The 2-bedrooms left. On 1 November, the cheapest 592 sq ft home left was $1.635M and the cheapest 678 sq ft home $1.828M. If prices near here move the way they did for past owners, an owner living in the cheapest 592 sq ft home and selling 5 years after TOP would end up between −12.2% and 123.9% of the cash put in, with 38.1% in the middle case. That is about the same as at the $1.544M starting price. These are past patterns, not a forecast.

What sold, by size

Home	Sold	Left	% sold
2-bedroom, 592 sq ft100 homes	67	33	67.0%
2-bedroom, 678 sq ft416 homes	326	90	78.4%
2-bedroom with a study, 732 and 775 sq ft200 homes	200	0	100%
3-bedroom350 homes	350	0	100%
4-bedroom174 homes	174	0	100%
5-bedroom28 homes	26	2	92.9%
All homes1,268 homes	1,143	125	90.1%

Every home larger than 678 sq ft sold, apart from 2 of the 5-bedrooms. The smallest home, the 592 sq ft 2-bedroom, sold the smallest share: 67 of 100.

More on this: buying a 3-bedroom at launch or later in the same condo

How $2,900 psf compares with resale nearby and with land cost

Average price	Above resale at four nearby condos	Earlier launches with a larger premium	Times land cost
$2,700 psf	16.8%	8 of 9	2.29
$2,900 psfthe actual average	25.4%	7 of 9	2.46
$3,000 psf	29.7%	5 of 9	2.55
$3,300 psf	42.7%	3 of 9	2.80

Against resale nearby, $2,900 psf is below the usual premium for launches near here, 27.0% to 45.3%. Against land cost, it is above the usual 2.11 to 2.40 times, and below the highest of the 25 sites, 2.78 times. So at $2,900, buyers paid a smaller premium over resale than at most earlier launches near here, and the developers' mark-up on the land is higher than usual.

$2,900 psf is the average across every home sold. The developers have not given an average for each size. What buyers paid for each size will be known once the sales are lodged with URA.

More on this: Thomson Reserve's price levels against resale and land cost

Who bought

By Huttons Data Analytics' estimate, about 90% of the buyers bought to live in the home, mostly people living in districts 19 and 20. About 70% gave a private home address and about 30% an HDB address. Mark Yip, CEO of Huttons Asia, said 215 homes were bought by buyers buying more than one, including families buying together.

More on this: who buys a 2-bedroom and who buys a 3-bedroom

If you are looking at the 2-bedrooms left

Layout	Left	Asking price	Cheapest
592 sq ft	33	$1.635M to $1.723M	$1.635M$2,762 psf
678 sq ft	90	$1.828M to $2.217M	$1.828M$2,696 psf

Both cheapest homes are priced below the $2,900 psf average.

What could a 2-bedroom bought now at those prices make? Nobody knows what prices will do. What this series can show is what a buyer would make if prices near here moved the way they did for owners in the past, in a low, a middle and a high case. The low case is the 10th percentile: 1 in 10 past owners did worse. The high case is the 90th percentile: 1 in 10 did better. A buyer can do worse than the low case.

Home	Cash put in	Monthly repayment
$1.544M starting price592 sq ft	$812,298	$5,404
$1.635M592 sq ft	$861,758	$5,723
$1.828M678 sq ft	$966,658	$6,398

Living in it, sold 5 years after TOP:

Home	Low	Middle	High
$1.544M starting price	−12.1%	38.2%	124.2%
$1.635M, 592 sq ft	−12.2%	38.1%	123.9%
$1.828M, 678 sq ft	−12.4%	37.7%	123.3%

Renting it out, sold 5 years after TOP:

Home	Low	Middle	High
$1.544M starting price	9.8%	60.2%	146.2%
$1.635M, 592 sq ft	8.5%	58.8%	144.6%
$1.828M, 678 sq ft	6.1%	56.2%	141.8%

For an owner living in it, the higher price barely changes the result, because the gain and the costs both grow with the price. For a landlord, the result falls as the price rises, because the same rent is a smaller share of a bigger price. The 2-bedroom return note sets out every assumption, the costs, and the results for a sale 5 years after buying.

The rent is $3,900 a month, the middle of 71 leases at the four nearby condos from October 2025 to September 2026, for homes of 646 to 753 sq ft. URA records lease sizes in bands, and the four condos have no 2-bedroom leases recorded at 592 sq ft's size, so both layouts use the same rent. For the 592 sq ft home, the rent may be on the high side.

The seller's stamp duty does not apply to these sales. A buyer who signs now is past its 4 years in November 2030, before the expected TOP on 28 February 2031.

More on this: every assumption behind these results, renting out a 2-bedroom here, a new launch 2-bedroom or a resale one and buying a 2-bedroom at launch or later in the same condo

What this tells you

• The launch price landed in the middle of what buyers expected. $2,900 psf sits between the $2,700 and $3,000 levels buyers discussed, at a smaller premium over resale nearby than 7 of 9 earlier launches.
• The larger homes sold out. Every 3-bedroom, 4-bedroom and 2-bedroom with a study sold. The smallest 2-bedroom sold the smallest share, 67 of 100.
• Most buyers bought to live in. By Huttons' estimate, about 90%, mostly from districts 19 and 20.
• For a 2-bedroom bought now, the price left changes little for an owner living in it. If prices near here move as they did for past owners, the low, middle and high cases at today's asking prices are close to those at the starting price. For a landlord they are a little lower.

What this does not tell you

• What prices will do. The low, middle and high cases are past patterns near here. They are not a forecast, and a buyer can do worse than the low case.
• What buyers paid for each size. The developers gave one average, $2,900 psf. Prices by size will be known once the sales are lodged with URA.
• Whether the prices left will hold. Asking prices are as reported on 1 November 2026 and can change.
• Who bought, exactly. The buyer figures are Huttons' estimates, not records.

Method and data notes

Sales. The developers' joint statement, as reported by EdgeProp on 31 October 2026. Each count is checked against the developers' unit mix. The 2-bedrooms left by layout, and their asking prices: Stacked Homes, 1 November 2026.

Resale and land cost. Homes at four nearby condos resold in the 12 months to 1 November 2026, floor areas measured the same way as Thomson Reserve's; the usual range is the middle half of 9 earlier launches near here. Land cost: the developers' land price per square foot of floor area, against 25 government land sale sites. These figures use sales lodged up to 1 November 2026, so they differ slightly from the series' earlier price-level note.

Returns. The series' buyer: a Singapore citizen buying a first home with a 75% loan over 25 years at 2%, drawn in the standard stages, the last 15% paid about a year after TOP, with the policies in force on 2 November 2026. The low, middle and high cases come from homes near here sold twice, held for the same length of time. Only the price and the rent differ from the 2-bedroom return note, and these use resales lodged up to 2 November 2026, so the starting-price row differs slightly from that note.