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Faber Garden at Upper Thomson to be up for collective sale with S$1.18b reserve price
WITH a reserve price of S$1.18 billion, the freehold Faber Garden off Upper Thomson Road could be Singapore's largest collective sale deal this year and the second largest ever, if it succeeds.
The 12.5 acre (about 50,585 square metres) site at Angklong Lane, next to Singapore's Central Nature Reserve amid Good Class Bungalows, landed housing and private condominiums, will be launched for sale by public tender on April 17, said marketing agent CBRE on Monday.
The 236-unit development, which is about 34 years old, is right by the upcoming Bright Hill MRT Station slated to open in 2021, and within walking distance of Windsor Nature Park and Lower Pierce Reservoir.
With a site area of 544,738 square feet, it has a plot ratio of 1.6 and a height control of 12 storeys. The maximum allowable gross floor area (GFA) is about 871,581 sq ft and 958,739 sq ft, including a 10 per cent bonus balconies.
It could yield more than 1,150 units based on the 70 sq m guideline.
The total development charge (DC) payable is about S$106.7 million, which comprises charges payable for intensifying the gross floor area of about S$52.8 million, as well as further charges for the 10 per cent bonus balconies GFA.
Including the DC charges, the land price works out to S$1,414 psf ppr, or S$1,342 psf ppr with the 10 per cent bonus balconies.
"The site is the perfect opportunity for a developer to capitalise on its proximity to nature and develop a new luxurious residential development for families, away from the hustle and bustle of the city," CBRE said in a statement.
Galven Tan, executive director for capital markets at CBRE said: "In land scarce Singapore, large sites such as this is hardly available, or would otherwise be 99-year leasehold. Faber Garden's attributes are exceptional - the plot is freehold; it is next to a nature reserve, and an MRT Station at its doorstep makes it a compelling development proposition."
Should the sale go through at the reserve price, it will beat Pacific Mansion in River Valley, which was acquired by GuocoLand, Intrepid Investments and Hong Realty, and sold for S$980 million in March this year.
The record for a residential en bloc sale is held by Farrer Court, which sold for S$1.34 billion in 2007.
The tender will close at 3pm on May 23, 2018.