World Class Land grabs top bid for Faber Walk site at $156.7m

After intense competition from rivals.

According to Colliers International, the outlook towards the residential market continues to be robust with 18 bids received for the private non-landed residential site located at Faber Walk. The top bid at $156.7 million by World Class Land Pte Ltd, a unit of Aspial Corporation Ltd, reflects $687 per sq ft per plot ratio, a mere 1.1% and 1.9% above the second and third highest bidders, respectively.

The intense level of interest and tight competition resulted in close gaps among the top bids for the site. The interest stems from the site’s location attributes - the land parcel is well linked to the other parts of the island via Ayer Rajah Expressway and located near to tertiary educational institutions such as the National University of Singapore, School of Science & Technology Singapore and Singapore Polytechnic.

It is also located in close proximity to supporting amenities at the nearby Clementi public housing estate and Clementi Mall. Several retail and lifestyle offerings such as Jcube, the newly-opened JEM and the upcoming Westgate are also within easy access.

Buyer demand should come from professionals working in the International Business Park and industries in the Clementi/Jurong areas. Also, a new project on the subject site has a potential upgrader pool of about 11,600 households who are currently staying in five-room and executive HDB flats in Clementi and Jurong East, according to the Population Census 2010.

At a land price of $687 per sq ft per plot ratio, the estimated break-even cost could range from $1,050-$1,150per sq ft. When units at this project are ready for launch, the selling price could start from $1,300 per sq ft.

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