Ura Launches Tender Faber Walk Gls Residential Site
URA has launched the tender for a new Government Land Sale (GLS) site located at Faber Walk in Clementi on September 12. The 99-year leasehold site spans approximately 277,660 square feet and has a gross plot ratio of 1.4. It is zoned for residential (non-landed) use and is expected to yield around 400 housing units.
This is the final parcel of land available for sale in the private residential enclave of Faber Walk, according to Mark Yip, CEO of Huttons Asia. The last GLS site sold in this area was in 2013 and launched in May 2014. It has since been developed into the 210-unit Waterfront @ Faber, which was completed in 2018. “Hence, there may be considerable demand that has built up over the years,” he notes.
Potential demand may come from landed homeowners in the neighbouring Faber Hills Estate, says Marcus Chu, CEO of ERA Singapore. “The older landed homeowners might be looking to downsize, or there could be multi-generational family members who are looking to purchase homes within the same development,” he observes.
However, despite potential pent-up demand for new projects, Chu believes developers may exercise caution due to the site’s less desirable location compared to other sites on the 2024 Confirmed List, such as Bayshore, Chuan Grove, and Chencharu, which are situated in established housing enclaves.
The Faber Walk GLS site is bounded by the Ayer Rajah Expressway (AYE) to the south, Sungei Ulu Pandan to the north, and a landed housing enclave to the west. While the site is not within walking distance to many amenities, it is conveniently located to various locations via driving due to its proximity to the AYE, such as the upcoming Jurong Lake District, NUS, and one-north.
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“The project could be attractive to both homebuyers and investors as it is not far from employment nodes in Jurong Lake District, the International Business Park, and industrial spaces in Pandan Loop,” says Wong Siew Ying, head of research and content at PropNex.
In recent months, GLS sites have seen lackluster responses at tenders, with only two to three bids received according to Chu. He expects a similar response for the Faber Walk GLS site. “Without the ability to leverage HDB upgraders, developers are subject to greater risk,” Chu comments. As such, he anticipates that developers will submit bid prices in the range of $950 psf per plot ratio (ppr) to $1,050 psf ppr.
On the other hand, Huttons’ Yip foresees the site attracting up to three bidders with a top bid price of between $800 and $850 psf ppr.
The tender for the site will close on 19 November at 12pm.