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Faber Garden relaunching en bloc sale at same S$1.18b price
THE owners of Faber Garden are launching on Wednesday another collective sale bid while keeping to the same reserve price of S$1.18 billion.
Located at Angklong Lane off Upper Thomson Road, the freehold site was put up for tender in April this year but closed without a sale in May.
Galven Tan, executive director (capital markets) at CBRE said: “While developers have become more selective with land acquisitions after the latest round of cooling measures, centrally located sites with exceptional attributes such as the Faber Garden site are rare, and continue to attract developers’ attention. The recent strong performance of Jadescape where 300 units were sold on the launch weekend, is further testament of the demand and popularity of the Thomson area.”
The site area, which is approximately 544,738 square feet, is zoned ‘residential’ with plot ratio 1.6 and a height control of 12 storeys. The maximum allowable gross floor area (GFA) is 871,581 sq ft and 958,739 sq ft (including 10 per cent bonus balconies).
The development charge payable to intensify the gross floor area is approximately S$52.8 million. Including further development charge payable for the 10 per cent bonus balconies GFA, the total DC payable is approximately S$106.7 million.
Including the estimated development charge payable, the resultant land price works out to S$1,414 psf ppr or S$1,342 psf ppr if 10 per cent balconies was included. Faber Garden currently has 236 units and is approximately 34 years old.
The upcoming Bright Hill MRT Station (TE7), slated to open in 2021, is located right at the doorstep of the site, highlighted marketing agent CBRE. It added that a traffic impact assessment has been conducted for the development and the authorities will support 900 dwelling units for the proposed new development.
The new tender for Faber Garden will close at 3pm on Oct 31.