Faber Garden to launch sale en bloc with $1.18b reserve price; could be biggest collective sale this year
SINGAPORE - 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 544,738 sq ft 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 Tuesday (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.
The site has a plot ratio of 1.6 and a height restriction 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 for 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.
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 sale en bloc is held by Farrer Court, which sold for S$1.34 billion in 2007.
The tender will close at 3pm on May 23.