# Thomson Reserve — prices, fees and investor scenarios

The updated **Thomson-Reserve-3D.html** includes a **Prices & ROI** calculator. Select Block → Stack → Floor to see that unit's estimate. **Estimated price / fee labels** adds prices to the 3D view. The calculator compares individual Singapore citizen and Singapore PR ownership side by side; it opens with **first residential property** and editable assumptions.

The supplied price matrix is **unofficial**, not a developer price list or valuation. The fee chart quotes S$65 per share but does not state its billing period or GST status. This model assumes monthly fees and adds no GST by default; both settings can be changed. Source sqft is used exactly as printed, rather than converting the approximate model envelope.

## Source-based unit mapping

All **1,268 valid addresses**, across 55 stacks, reconcile to the 11 supplied unit-group counts. Each stack matches the supplied price-matrix row for its unit type and sqft. The default floor estimate linearly allocates that row’s S$2,650–3,200 psf range between the stack’s lowest and highest valid floors; PSF is rounded to S$1, then multiplied by source sqft. This is an inferred floor schedule, not supplied developer pricing. For example, stacks beginning at Level 3 use that level as their lowest floor; blank Levels 1–2 are excluded. All nine original PSF columns are shown beside each stack’s floor schedule. Fixed PSF plus a manual floor premium and alternative tower/shared scales remain editable options. There is **no source-supported floor, facing, view or stack premium**. View obstructions do not automatically change prices. The yellow “1.5x / 1.8x” start hints are vague and are not used as exact prices.

| Source unit group | Sqft | Count | Shares | Source reference at S$2,800/sqft | Supplied PSF band, S$2,650–3,200 | Quoted MF, monthly assumed |
|---|---:|---:|---:|---:|---:|---:|
| 2-Bedroom | 592 | 100 | 6 | S$1,657,600 | S$1,568,800–S$1,894,400 | S$390 |
| 2-Bedroom Premium | 678 | 416 | 6 | S$1,898,400 | S$1,796,700–S$2,169,600 | S$390 |
| 2-Bedroom Premium + Study | 732 | 120 | 6 | S$2,049,600 | S$1,939,800–S$2,342,400 | S$390 |
| 2-Bedroom Premium + Study | 775 | 80 | 6 | S$2,170,000 | S$2,053,750–S$2,480,000 | S$390 |
| 3-Bedroom | 947 | 120 | 6 | S$2,651,600 | S$2,509,550–S$3,030,400 | S$390 |
| 3-Bedroom Premium | 1,055 | 170 | 6 | S$2,954,000 | S$2,795,750–S$3,376,000 | S$390 |
| 3-Bedroom Premium + Study | 1,152 | 60 | 7 | S$3,225,600 | S$3,052,800–S$3,686,400 | S$455 |
| 4-Bedroom | 1,238 | 90 | 7 | S$3,466,400 | S$3,280,700–S$3,961,600 | S$455 |
| 4-Bedroom Premium (Private Lift) | 1,367 | 56 | 7 | S$3,827,600 | S$3,622,550–S$4,374,400 | S$455 |
| 4-Bedroom Premium + Study (Private Lift) | 1,485 | 28 | 7 | S$4,158,000 | S$3,935,250–S$4,752,000 | S$455 |
| 5-Bedroom Suite (Private Lift) | 1,808 | 28 | 8 | S$5,062,400 | S$4,791,200–S$5,785,600 | S$520 |

Area, type, address ranges and tower/stack location come from the source PDF and image. Share values, source sqft and price scenarios come from the two supplied finance images. Prices and fees remain estimates. Height, envelope, view cone, nearby map registration and unconfirmed surrounding heights retain the geometry assumptions explained in READ-ME-Thomson-Reserve.md.

## Editable defaults

- First residential property; individual SC / SPR ownership; no ABSD remission or treaty exemption.
- Each stack uses the supplied matrix row for its unit type and rounded sqft. Default floor PSF interpolates from $2,650 at the stack’s lowest valid floor to $3,200 at its highest, rounded to $1. This floor assignment is an editable assumption, not a source floor schedule. No automatic view premium.
- MF treated as monthly at $65/share, with no added GST. Period and GST status are assumptions because the supplied image is silent.
- Illustrative rent $6/sqft/month, rounded to $10; placeholder AV 85% of 12-month scheduled rent. Neither is a market forecast or IRAS assessment.
- Four years until rental-ready; this is an editable planning assumption, not a supplied or verified TOP date. Eight-year sale from purchase.
- Pre-completion interest-only cost on an assumed average 50% of the committed loan. Equity paid at purchase; actual progressive disbursement timing is not reconstructed.
- 75% LTV, 3% constant annual loan rate and 25-year amortization after completion; default total financing period 29 years. Loan approval / TDSR is not assessed.
- Zero annual resale appreciation, zero rent growth and zero cost inflation. One vacant month per rental year; five percent of collected rent as annualized leasing cost.
- Repair/insurance spending $1,500/year; fitout $30,000 at completion; buy/sale legal fees $3,500 each; selling agent cost 2.18% all-in. All are editable.
- Income tax assumes tax-resident individual with $120,000 other chargeable income, actual allowable expenses, no personal rebates and no cross-property loss offsets.
- Equity includes cash and any CPF funding as one contribution. CPF refunds / accrued interest, borrowing fees, repricing penalties, special levies and trading-income tax are excluded.
- Rules are held constant throughout the scenario. Future tax rates, property prices, rents and bank rates may change.

“Four years until rental-ready” is a scenario interval, **not a verified TOP date**. The model is an annual approximation: no rent, MF or property tax before completion; interest-only cost on an assumed average drawn loan; full committed loan begins amortizing after completion. Acquisition equity and stamp duties are paid at the beginning. Actual staged buyer payments and loan disbursements can materially alter IRR. At completion, fitout is paid; rental years start the following full year. AV starts with the first rental year and grows with the entered rental-growth assumption. It is unaffected by vacancy.

## Example: Block 9, #18-39, 678 sqft

Estimated price **S$2,110,614**, quoted MF **S$390/month assumed**, rent **S$4,070/month assumed**, AV **S$41,514 assumed**. First property, 75% loan at 3%, 25-year repayment after a four-year wait, sale after eight years, one vacant month annually and **0% resale growth**. Its stack spans Levels 2–21; at Level 18 the assumed floor PSF is S$3,113. Other costs and tax assumptions are the defaults above. These are scenario calculations, not a forecast or a purchase recommendation.

| Measure | Singapore citizen | PR |
|---|---:|---:|
| BSD | S$75,130 | S$75,130 |
| ABSD | S$0 | S$105,530 |
| Initial equity and purchase costs | S$606,284 | S$711,814 |
| Total capital contributed including later shortfalls | S$969,782 | S$1,075,312 |
| Potential gross rental yield | 2.31% | 2.31% |
| Net property yield before debt and income tax | 1.37% | 1.31% |
| Net profit at sale | −S$310,876 | −S$416,406 |
| Total ROI on contributed capital | -32.06% | -38.72% |
| Annualised equity IRR | -6.51% | -7.99% |
| Annual resale growth to break even | 1.77% | 2.32% |
| First full rental-year cash flow after loan and income tax | −S$59,630 | −S$59,630 |

The negative flat-resale result reflects stamp duties, completion-wait interest, operating shortfalls and selling costs. Loan principal reduces cash flow while also reducing debt repaid at exit; it is counted correctly on both sides. The calculator also shows resale sensitivity at −2%, 0%, 2% and 4% annual growth.

## Return definitions and tax treatment

- **Potential gross yield:** 12 months of scheduled rent ÷ estimated purchase price, before vacancy and all costs.
- **Net property yield:** first full rental-year NOI ÷ price + BSD + ABSD + purchase legal + fitout. NOI deducts vacancy, MF, property tax, letting costs and repairs/insurance, before financing and income tax. Completion-wait interest is excluded from this yield denominator and included in total return.
- **Annual cash flow:** rent collected minus running costs, property tax, estimated rental income tax and full principal/interest payments; pre-completion flows include assumed construction interest and fitout at completion.
- **Tax:** resident incremental income tax is computed above entered other chargeable income. Actual allowable cash expenses or 15% deemed rent expenses plus mortgage interest can be selected. Actual cash costs are still paid under either tax method. No double deduction of actual cash costs alongside deemed expenses. Loan principal and capital fitout are not rental-tax deductions. Rental losses receive no other-income offset in the model.
- **Net sale equity:** resale price minus selling commission, legal fees, SSD and outstanding mortgage. Passive capital gains are assumed untaxed; property trading is outside this model.
- **Total profit:** all equity inflows, including net sale equity, minus all contributions. **Total ROI** = profit ÷ gross capital contributed, including negative annual cash flows and any exit shortfall. **IRR** uses initial and annual year-end equity cash flows including sale. Ambiguous/missing IRRs display N/A. These metrics are distinct from appreciation or rental yield.
- **Break-even rent:** rent needed for zero first rental-year cash flow, with AV held at the entered figure; rent changes can require a different assessed AV. **Break-even resale:** sale price or annual price growth needed for zero total profit under the selected costs and financing.

Purchase and sale prices are assumed equal to market value for stamp-duty purposes; the statutory higher-value basis may differ. Current rules are held constant. SSD for purchases from 4 July 2025 is 16/12/8/4% through one/two/three/four years, and zero only **after** four years. A sale at exactly four years still incurs 4% in this model. The calculator requires at least one full rental year after the completion wait.

Property count for ABSD and outstanding housing-loan count for LTV are separate inputs. Joint ownership, remission eligibility and actual bank affordability are not assessed. The simplified LTV check includes age and assumed total loan period; TDSR, minimum cash, valuation, CPF accrued-interest refunds, refinancing penalties and other excluded items need a separate assessment. SC/PR and income-tax residency are separate settings.

## Downloaded data

- **Thomson-Reserve-Prices-by-Floor.csv:** all 1,268 valid addresses with estimated floor PSF, unit price, MF, interpolation range, all nine source-matrix prices for that unit type/size and explicit source/inference status.
- **Thomson-Reserve-Unit-Prices-and-ROI.csv:** all 1,268 addresses with source areas/shares, default price and MF, source price range and both SG/PR first-property scenarios. The final columns record the full calculation assumptions. The viewer's CSV export uses the current inputs and any per-unit rent/AV overrides. Overrides are kept for the current page session; resetting assumptions removes them.
- **Thomson-Reserve-Finance-Data.json:** source group reconciliation, all valid addresses, defaults, assumptions and rule references.
- **Source-Estimated-Price-Matrix.png** and **Source-Unit-Mix-and-Maintenance.png:** unchanged supplied finance images, also embedded in the viewer.
- Updated **V1 and V2 GLBs:** each occupied-unit object includes source sqft/share value, unofficial estimated price, calculated monthly MF and scenario/source notes. The HTML is the interactive investor calculator; GLB holds the 3D geometry and unit metadata.

## Official rule sources

Rules checked 6 October 2026. Future changes are not predicted.

- [IRAS — Buyer’s Stamp Duty](https://www.iras.gov.sg/taxes/stamp-duty/for-property/buying-or-acquiring-property/buyer%27s-stamp-duty-%28bsd%29): Residential progressive BSD; higher purchase price or market value; rounded down to whole dollars.
- [IRAS — ABSD declaration and rates](https://www.iras.gov.sg/docs/default-source/stamp-duty/absd-declaration-form.pdf?sfvrsn=a467851a_21): Individual SC: 0/20/30%; SPR: 5/30/35% for first/second/third-plus residential property. No remission modelled.
- [IRAS — Seller’s Stamp Duty](https://www.iras.gov.sg/taxes/stamp-duty/for-property/selling-or-disposing-property/seller%27s-stamp-duty-%28ssd%29-for-residential-property): For purchase on/after 4 July 2025: 16/12/8/4% at up to 1/2/3/4 years; zero only after four years.
- [IRAS — Property Tax Rates](https://www.iras.gov.sg/quick-links/tax-rates/property-tax-rates): Non-owner-occupied residential AV bands: 12/20/28/36%, effective 1 January 2024.
- [IRAS — Annual Value](https://www.iras.gov.sg/taxes/property-tax/property-owners/annual-value): Assessed rental value excluding furniture, furnishings and maintenance; not automatically the actual rent or vacancy-adjusted rent.
- [IRAS — Rental income and expense deductions](https://www.iras.gov.sg/taxes/individual-income-tax/basics-of-individual-income-tax/what-is-taxable-what-is-not/income-from-property-rented-out): Actual allowable expenses or 15% deemed expenses plus mortgage interest; loan principal is not deducted for income tax.
- [IRAS — Individual Income Tax Rates](https://www.iras.gov.sg/taxes/individual-income-tax/basics-of-individual-income-tax/tax-residency-and-tax-rates/individual-income-tax-rates): Resident progressive rates from YA 2024; non-resident rental income 24%. Citizenship and tax residency are separate.
- [MoneySense — Housing affordability and LTV](https://www.moneysense.gov.sg/buying-a-property-how-much-can-you-afford/): 75/45/35% upper LTVs by outstanding loans; reduced limits 55/25/15% for longer tenures or age beyond 65. Private loan tenure maximum 35 years; TDSR 55%.
- [IRAS — Gains from property sales](https://www.iras.gov.sg/taxes/individual-income-tax/basics-of-individual-income-tax/what-is-taxable-what-is-not/gains-from-sale-of-property-shares-and-financial-instruments): Passive capital gains generally not taxed; property trading gains may be taxable. Calculator assumes passive investment.
- [IRAS — GST rate change](https://www.iras.gov.sg/taxes/goods-services-tax-%28gst%29/gst-rate-change/gst-rate-change-for-business/preparing-for-gst-rate-change): 9% prevailing GST; optional fee adjustment only if the quoted MF is before applicable GST.

## Verification

All 1,268 source addresses and the eleven group counts reconcile. Automated arithmetic checks cover BSD/ABSD, SSD boundaries, property/income tax bands, LTV, mortgage balances, vacancy, rental delay, IRR ambiguity and principal accounting. Browser checks cover price changes, SC/PR profiles, fee-period/GST edits, unit selection, source images, invalid rent and LTV inputs. Floor checks cover all 55 stack endpoints, strict price ordering, correct source type/size rows, omitted blank floors and updated ROI consistency. Both updated GLBs pass the official Khronos validator with zero errors/warnings; each has 1,268 unique occupied-unit objects with positive heights and price/MF metadata.