RESIDENTIAL PROPERTY | Staff Reporter, Singapore

Faber Garden en bloc sale launched with $1.18b asking price

The site, near the Central Nature Reserve, can yield over 1,150 units.

The en bloc sale of Faber Garden has been launched via public tender at an asking price of $1.18b or $1,414 psf ppr or $1,342 psf ppr with 10% balconies, CBRE said. The site is located at 2,4,6,8,10 Angklong Lane, off Upper Thomson Road.

The reserve price of the site is targetting to beat 2018's freshest collective sale records, Pacific Mansion ($980m) and Tulip Garden ($906.89m).

According to an announcement, the 12.5-acre site is beside Singapore’s Central Nature Reserve and is connected to the city centre via the MRT network, major roads, and expressways. The upcoming Bright Hill MRT Station (TE7), slated for opening in 2021, is also located right at the doorstep of the site.

The site has an area of around 544,738 sqft designated for residential use with plot ratio 1.6 and a height control of 12 storeys. The maximum allowable gross floor area (GFA) is approximately 871,581 sqft and 958,739 sqft (including 10% bonus balconies).

CBRE noted that the site can accommodate more than 1,150 units. The development charge (DC) payable to intensify the gross floor area is approximately $52.8m and, including further development charge payable for the 10% bonus balconies GFA, the total DC payable is approximately $106.7m.

Moreover, the location has affluent Good Class Bungalows (Windsor Park GCBA), landed housing, and private condominiums. Singapore’s "oldest and grandest" golf and country club in Singapore, The Singapore Island Country Club Island Location (SICC), is located across from the site. It is also near schools such as Ai Tong School (within 1km), CHIJ St Nicholas Girls School, Catholic High School, and Raffles Institution.

Owners representing more than 80% of the share value and strata area have signed the Collective Sale Agreement (CSA). Faber Garden currently has 236 units and is approximately 34 years old.

CBRE Capital Markets executive director commented, “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... We believe Faber Garden, with its immense potential that allows developers to capitalize of its location and attributes, is the site."

The public tender for Faber Garden will close at 3 p.m. on 23 May 2018.

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