Thomson Reserve sold 1,143 of its 1,268 homes (90%) over the launch weekend of 30 and 31 October 2026. The average price was $2,900 psf, according to the developers, CapitaLand Development, UOL Group and Singapore Land Group. It is the largest launch-weekend sale of 2026. The price was higher than we expected, and higher than nearby resale homes. Buyers paid it anyway, because the address, the MRT and the school catchment were what they wanted.
Below we check the launch average against the developers' own price list. We compare it with our pre-launch estimate and with nearby resales, and look at the 127 homes still on the list on 2 November. Every remaining unit, with its list price, is plotted in the Tower view on our Thomson Reserve project page.
How many Thomson Reserve units were sold on launch weekend?
The developers reported 1,143 homes sold, or about 90%, in a statement on 1 November. Their availability list of 2 November has 127 homes open, which implies 1,141 sold. A difference of two in the first days after a launch usually means a booking confirmed or released. We use the list for unit-level figures.
| Type | Total homes | Left on 2 Nov | Share sold |
|---|---|---|---|
| Two-bedroom, 592 and 678 sq ft | 516 | 125 | 76% |
| Two-bedroom + study, 732 and 775 sq ft | 200 | 0 | 100% |
| Three-bedroom, 947 to 1,152 sq ft | 350 | 0 | 100% |
| Four-bedroom, 1,238 to 1,485 sq ft | 174 | 0 | 100% |
| Five-bedroom suite, 1,808 sq ft | 28 | 2 | 93% |
| All homes | 1,268 | 127 | 90% |
Bigger homes sold first. The four- and five-bedroom units were released at the VIP booking on Friday 30 October. Almost all were taken before public booking opened the next day. By Sunday the only layouts with stock were the two smallest two-bedders and two five-bedroom suites.
Who bought Thomson Reserve?
Mostly local families buying to live in. Huttons Data Analytics estimated that about 90% of buyers were owner-occupiers, most of them from Districts 19 and 20. About 70% gave a private address and about 30% an HDB address. The developers said the majority were Singaporeans buying for their own stay and investment.
Families bought together. Huttons counted 215 homes sold in multiple purchases, often relatives buying in the same development. Demand was visible weeks earlier. About 32,000 people visited the preview over two weekends. More than 3,300 cheques were collected for 1,268 homes, about 2.6 per unit.
Big launches have drawn crowds before. What stands out is the scale against the area's history. The last launch of over 1,000 homes in Upper Thomson was JadeScape, eight years ago.
How does the launch compare with other big launches?
| Project | Launch | Homes | Sold on launch weekend |
|---|---|---|---|
| Thomson Reserve | Oct 2026 | 1,268 | 1,143 (90%) |
| ParkTown Residence | Feb 2025 | 1,193 | 1,041 (87%) |
| Tengah Garden Residences | Apr 2026 | 863 | 853 (99%) |
| Lucerne Grand | Oct 2026 | 570 | 349 (61%) |
| Amberwood at Holland (first phase) | Sep 2026 | 70 released | 23 (33%) |
Thomson Reserve sold the most homes of any launch this year. Tengah Garden Residences sold a higher share of a smaller project. Analysts contrasted it with Amberwood at Holland, which sold a third of its first release in September. Mogul.sg's Nicholas Mak told The Business Times that buyers are selective. In his view, an MRT station and a mall nearby now decide demand for a project.
Did Thomson Reserve launch at the price we expected?
No. It launched above our estimate. Before the price list, we estimated a breakeven of $2,068 psf ppr. That is the land, construction, finance, fees and marketing, per square foot of buildable space. Our usual 15% to 30% margin gave an indicative range of $2,380 to $2,690 psf. That range was not developer-confirmed. The $2,900 average is 7.8% above its top.
| Measure | Figure |
|---|---|
| Land price (November 2024) | $1,178 psf ppr |
| Our estimated breakeven | $2,068 psf ppr |
| Our indicative range | $2,380–$2,690 psf |
| Launch average (developers) | $2,900 psf |
| Average over the 1,026 homes on the price list | $2,891 psf |
| Launch average ÷ our breakeven | 1.40× |
| Launch average ÷ land price | 2.46× |
| Homes on the list at or below $2,690 psf | 95 of 1,026 (9%) |
We checked the developers' average. We added up the discounted price of every home on the 31 October list and divided by their total floor area. The result is $2,891 psf, within 0.3% of $2,900.
Our model starts from cost. It assumes a developer prices at breakeven plus a margin in the range we measured on 42 earlier launches. At Thomson Reserve the developers priced to demand. Three things gave them room. Cheques ran at 2.6 per home. The next land sale nearby, at Lorong Puntong and Sin Ming Avenue, drew a top bid of $1,612 psf ppr in September 2026. That is 37% above this site's land rate. And there had been no comparable launch in the area for eight years.
Part of any margin is not profit. It also covers the gap between the floor area a developer pays for and the floor area it can sell. Still, 1.40 times breakeven is outside our band, and we count it as a miss. The method, and its earlier misses, are on our pricing methodology page.
The cheap 2024 land did not reach buyers as a lower price. It became the developers' margin.
Was $2,900 psf expensive for Upper Thomson?
Against nearby resale homes, yes. A new launch normally costs more than resale nearby, because the lease is fresh and nothing has worn. Here the gap is wide.
| Project | Completed | Median resale psf | Resales | Thomson Reserve premium |
|---|---|---|---|---|
| AMO Residence (Ang Mo Kio) | 2025 | $2,531 | 32 | 15% |
| JadeScape (Shunfu) | 2022 | $2,341 | 62 | 24% |
| Thomson Three (Bright Hill) | 2016 | $2,159 | 20 | 34% |
JadeScape is the fairest comparison: 1,206 homes, District 20, completed in 2022. All 333 JadeScape resales in our records made money, so its owners have done well. A Thomson Reserve buyer at $2,900 psf needs resale prices in the area to rise by about a quarter just to reach today's launch price. Newer resale homes have older floor-area rules that count air-con ledges, which narrows the like-for-like gap a little.
Buyers accepted that premium for a fresh 99-year lease and a station a few minutes' walk away. Ai Tong School is about 0.57km from the site in a straight line. Ai Tong balloted at Phase 2C, the stage open to children with no family link, in both 2025 and 2026. In 2026 there were 76 applicants for 40 places. MOE measures distance its own way, so check a specific address on MOE SchoolFinder.
How do prices change by floor and block?
Thomson Reserve has two collections. The Classic Collection is four 21-storey blocks (1, 3, 9 and 11) with 740 homes. The Luxury Collection is two 30-storey blocks (5 and 7) with 528 homes, including 112 with a private lift. The price list averages $2,828 psf for the Classic blocks and $2,989 psf for the Luxury blocks.
| Floor | Classic blocks | Luxury blocks |
|---|---|---|
| Level 2 | $1,772,000–$1,844,000 | $1,819,000–$1,873,000 |
| Level 10 | $1,844,000–$1,948,000 | $1,932,000–$1,985,000 |
| Level 17 | $1,909,000–$2,028,000 | $2,012,000–$2,064,000 |
| Level 21 | $1,941,000–$2,077,000 | $2,048,000–$2,113,000 |
| Level 30 | No such floor | $2,120,000–$2,217,000 |
Height is priced steadily. In Block 7's stack 29, level 2 lists at $1,873,000 and level 30 at $2,217,000: $344,000 over 28 floors, about $12,300 a floor. On the same floor, the same layout costs a little more in a Luxury block. Those towers are taller and have more open views.
The two collections sold differently. Of the 127 homes left, 88 are in the Luxury blocks and 39 in the Classic blocks, though the Luxury blocks hold fewer homes.
What is left at Thomson Reserve, and what does it cost?
| Layout | Where | Left | Floors | List price |
|---|---|---|---|---|
| Two-bedroom, 592 sq ft, one bathroom | Classic, Blocks 1, 3, 11 | 33 | 13–21 | $1,635,000–$1,723,000 |
| Two-bedroom premium, 678 sq ft | Classic, Blocks 9, 11 | 6 | 18–21 | $1,917,000–$2,052,000 |
| Two-bedroom premium, 678 sq ft | Luxury, Block 5 | 37 | 2–30 | $1,819,000–$2,163,000 |
| Two-bedroom premium, 678 sq ft | Luxury, Block 7 | 49 | 1–30 | $1,873,000–$2,217,000 |
| Five-bedroom suite, 1,808 sq ft, private lift | Luxury, Block 5 | 2 | 3–4 | $5,079,000–$5,098,000 |
The leftovers are not the cheap end of the list. They average about $2,990 psf, against about $2,880 for the listed homes that sold. Every 592 sq ft two-bedder from level 2 to level 12 sold; the cheapest still open is #13-08 at $1,635,000. The cheapest 678 sq ft unit is #02-20 at $1,819,000.
Why are the two-bedders still selling?
Partly because they are the only homes left, and partly because of how they compare with other two-bedders. One comparison in circulation sets a $1,819,000 Thomson Reserve two-bedder with two bathrooms against a Grand Dunman two-bedder with one. The Grand Dunman unit, 667 sq ft, sold for $2,012,000 in March 2026, a gap of $193,000. The prices are correct. The two units are 15 floors apart.
| Unit | Floor | Price | psf | Status |
|---|---|---|---|---|
| Grand Dunman #05-33 | 5 | $1,819,000 | $2,726 | Sold Feb 2024 |
| Grand Dunman #17-33 | 17 | $2,012,000 | $3,015 | Sold Mar 2026 |
| Thomson Reserve #02-20 | 2 | $1,819,000 | $2,683 | Available |
| Thomson Reserve #17-26 | 17 | $2,016,000 | $2,973 | Available |
| Thomson Reserve, Classic level 17 | 17 | $1,909,000–$2,028,000 | $2,816–$2,991 | All sold |
Floor for floor, the price is close. On level 17, the Thomson Reserve Luxury unit lists $4,000 above Grand Dunman's sale, and the Classic units sold for up to $103,000 below it. The $193,000 headline gap is mostly the price of 15 floors.
The layout difference is real. Thomson Reserve's 678 sq ft plans have a second bathroom. The plans also mark the air-con ledge as non-strata, so it is not part of the 678 sq ft. That follows URA's harmonised floor-area rules, which took effect in June 2023 (circular DC22-09). Grand Dunman's plan shows its air-con ledge inside the unit, as the older rules allowed. So for about the same money on the same floor, Thomson Reserve gives more usable space and an extra bathroom.
Grand Dunman has its own case. It is in District 15, about 200m from Dakota MRT on the Circle Line, and it is close to completion. Thomson Reserve's keys are expected in the second half of 2030, so a buyer pays through four years of construction first. Those are different trade-offs, and a buyer who needs to move in soon should weigh them before the bathroom count.
Plus points for Thomson Reserve
- Demand from people who live nearby. About 90% owner-occupiers, mostly from Districts 19 and 20, and 215 homes bought by families together.
- A station that already runs. Upper Thomson MRT (TE8) is about 0.27km away in a straight line, with a sheltered link. Bright Hill, one stop away, is targeted to become a Cross Island Line interchange in 2030.
- A school within 1km that is in demand. Ai Tong balloted at Phase 2C in 2025 and 2026.
- Post-harmonised floor area. Air-con ledges are excluded from the stated sizes, so a square foot here is more usable than at many resale condos.
Minus points for Thomson Reserve
- A wide premium over resale. About 24% above JadeScape's 12-month resale median, and 34% above Thomson Three's.
- Priced above cost-based estimates. 1.40 times our breakeven. The cheap land went to the developers' margin, not to the buyer.
- Low starting yield. JadeScape's lodged rents average $6.39 psf a month over 828 contracts. At $2,900 psf that is about 2.6% gross (est.) before costs.
- Many identical two-bedders at resale. 716 of the 1,268 homes are two-bedders, all completing around the same time.
The short version
What we found
- Sales1,143 of 1,268 sold (90%) over 30 and 31 Oct 2026, developers' figure
- Price$2,900 psf average, 7.8% above our $2,380–$2,690 estimate
- Against resaleAbout 24% above JadeScape's $2,341 psf median
- What is left127 homes on 2 Nov: 125 two-bedders and two five-bedroom suites
- Cheapest left#13-08, 592 sq ft, $1,635,000; 678 sq ft from #02-20 at $1,819,000
- Against Grand DunmanFloor for floor, a similar price, with an extra bathroom
So what should you do with this?
- When you compare a two-bedder here with another project, match the floor and the floor-area rules before you compare the price.
- Pick two or three stacks in the Tower view on the project page and price the same floor across them.
- Run the exact unit through the stamp duty calculator and the progressive payment calculator. On $1,819,000, the 20% paid by option exercise is $363,800 before stamp duty.
Key findings
- Sold, developers' figure1,143 of 1,268 (90%)
- Launch average$2,900 psf; $2,891 across the 31 Oct price list
- Against our model1.40 times our $2,068 breakeven; 2.46 times the land price
- Left on 2 Nov127 homes, $1,635,000 to $5,098,000
- BuyersAbout 90% owner-occupiers; 215 homes bought in multiple purchases
Four terms used in this article
- psf pprWhat the developer paid for land, per square foot of floor space it is allowed to build
- BreakevenTotal project cost divided by that floor space. Sell below it and the developer loses money
- Post-harmonisedFloor area counted under URA's June 2023 rules, which exclude air-con ledges
- Phase 2CThe Primary 1 registration stage for children with no family link to the school
Frequently asked questions
How many Thomson Reserve units were sold at launch?
The developers reported 1,143 of 1,268 homes sold, about 90%, over the VIP booking on 30 October and the public launch on 31 October 2026. It is the largest launch-weekend sale of 2026. Their availability list of 2 November showed 127 homes still open.
What was Thomson Reserve's average launch price?
$2,900 psf, as reported by the developers. Across the 1,026 homes on the 31 October price list, after the 6% plus 2% discount, the average works out at $2,891 psf. Prices ran from $2,608 psf for a 592 sq ft two-bedder on level 2 to $3,351 psf for a four-bedder on level 30.
Which Thomson Reserve units are still available?
On 2 November 2026: 33 two-bedders of 592 sq ft from $1,635,000 to $1,723,000, 92 two-bedroom premium units of 678 sq ft from $1,819,000 to $2,217,000, and two five-bedroom suites at about $5.08 million and $5.10 million. All three- and four-bedroom units are sold.
Did Thomson Reserve launch above its estimated price?
Yes. We estimated $2,380 to $2,690 psf before the price list, from a breakeven of $2,068 psf ppr. The $2,900 average is 7.8% above the top of that range, and 1.40 times our breakeven. Only 95 of the 1,026 homes on the price list were at or below $2,690 psf.
Is Thomson Reserve more expensive than JadeScape?
Yes, by about 24% per square foot. JadeScape was completed in 2022, about 0.9km away in a straight line. It resold at a median $2,341 psf in the 12 months to October 2026, against Thomson Reserve's $2,900 launch average. JadeScape counts floor area under older rules, which narrows the like-for-like gap a little.
Is a Thomson Reserve two-bedder cheaper than one at Grand Dunman?
On the same floor, the price is about the same. A 678 sq ft Thomson Reserve unit on level 17 lists at $2,016,000; a 667 sq ft Grand Dunman unit on level 17 sold for $2,012,000 in March 2026. The Thomson Reserve layout has two bathrooms and excludes the air-con ledge from its area.
Who bought Thomson Reserve?
Mostly owner-occupiers. Huttons estimated about 90% were buying to live in, mostly from Districts 19 and 20, with about 30% giving an HDB address. 215 homes were bought in multiple purchases, often by relatives buying together.
When will Thomson Reserve be completed?
The developers expect TOP in the second half of 2030. The project has 1,268 homes in six blocks off Upper Thomson Road: four 21-storey Classic Collection blocks and two 30-storey Luxury Collection blocks, on a 99-year lease.
Sources & methodology
How we checked this
Sales totals, the average price and the buyer profile are the developers' figures and agency estimates, as reported by EdgeProp on 1 November and The Business Times on 2 November 2026. Unit-level figures come from the developers' public price list of 31 October 2026 and availability list of 2 November 2026, which we matched unit by unit. All 127 available homes appear on the price list at the same price. We recomputed the average psf from the list ourselves.
Resale medians use URA caveat records for the 12 months to October 2026, and the JadeScape rent average uses lodged rental contracts, both compiled by PropertyInsider.sg. Our breakeven comes from the PropertyInsider.sg cost model. School distances are straight lines from OneMap coordinates, not MOE's measure. Floor-plan details are from the developers' published plans.
Where the figures come from
Launch results: EdgeProp, 1 November 2026; The Business Times, 2 November 2026. Unit mix, blocks and the Lorong Puntong tender: EdgeProp, 15 October 2026. Cheques: EdgeProp, 28 October 2026. Floor-area rules: URA circular DC22-09. Schools: MOE Primary 1 results 2025 and 2026 in our schools dataset. Resale and rents: our price trends dataset. Land comparisons: our land cost tracker. Pre-launch analysis: is Thomson Reserve a good investment?
Disclaimer & disclosure. This article is independent research published for general information and education. It is not financial, investment, legal or property advice, and it does not take account of your circumstances. List prices and availability change without notice; confirm with the developer before acting. Figures marked (est.) are estimates. Past performance of nearby projects does not predict future results. The publisher's agency is one of the developers' appointed marketing agencies for Thomson Reserve; that work sits outside the research desk and does not change our figures or verdict. See our editorial policy.
Update history
- Published two days after the launch, with the developers' 31 October price list and 2 November availability list (127 homes left).
- Next update: when the first caveats are lodged and transacted prices can replace list prices, expected November to December 2026 (est.).
