Ravi Chandran
The public tender relaunch of Faber Gardens set to break records if successful. CBRE will relaunch Faber Garden, located at 2,4,6,8,10 Angklong Lane, off Upper Thomson Road, on 3 October 2018. Faber Garden’s first attempt at collective sale in April, closed without success.
The public tender relaunch site is priced at $1.18 billion, which is the same reserve price set at its first en bloc attempt.
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The sprawling public tender relaunch site, situated next to Singapore’s Central Nature Reserve, enjoys tranquil exclusivity yet is conveniently connected to the city centre via the MRT network, major roads and expressways. The upcoming Bright Hill MRT Station (TE7), slated to open in 2021, is located right at the doorstep of the site.
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The public tender relaunch site area is approximately 544,738 sq ft. Based upon the Masterplan 2014 zoning, the use is “residential” with plot ratio 1.6 and a height control of 12 storeys. The maximum allowable gross floor area (GFA) is approximately 871,581 sq ft and 958,739 sq ft (including 10% bonus balconies).
The development charge payable to intensify the gross floor area is approximately $52.8m. Including further development charge payable for the 10% bonus balconies GFA, the total DC payable is approximately $106.7m.
A traffic impact assessment has been conducted for the development and the authorities will support 900 dwelling units for the proposed new development.
Galven Tan, Executive Director, Capital Markets, CBRE said, “The Faber Garden site is the largest freehold site in Upper Thomson. It provides developers ample planning flexibility to develop a landmark development in an exclusive, predominantly landed residential estate. With Bright Hill MRT station and the Central Natural Reserve at its doorstep, the site offers the ease of transport connectivity and tranquility of nature.”
Mr Tan adds, “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 location of the public tender relaunch site, off Upper Thomson Road, is characterized by 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. Upper Thomson Road is undisputedly the best district of Central Northern Singapore (District 20).
Overlooking the vast mature greenery of Lower Pierce Reservoir, Windsor Nature Park (TreeTop Walk) and the greens of the golf courses of SICC, the site is the perfect opportunity for a developer to capitalize on its proximity to nature and develop a new luxurious residential development for families, away from the hustle and bustle of the city.
One of the key attributes of the site is being next to the Central Nature Reserve. The popular Windsor Nature Park (TreeTop walk) and Lower Pierce Reservoir are within walking distance from the site. In addition, it is located about 1km to Ai Tong School, and within close proximity to CHIJ St Nicholas Girls School, Catholic High School, Raffles Institution and Australian International School.
The reserve price of Faber Garden is $1.18b. Including the estimated development charge payble, the resultant land price works out to $1,414 psf ppr or $1,342 psf ppr if 10% balconies was included.
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.
Tan said in April at the launch of Faber Garden: “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.”
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The record for a residential sale en bloc is held by Farrer Court, which sold for S$1.34 billion in 2007.
Should the public tender relaunch be successful 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.
Mr Paul Ho, chief mortgage consultant of iCompareLoan said all owners of the public tender relaunch site have to act quickly and decisively.
Whatever decision owners facing en bloc sale make, it is better to make it fast so that the sale (or non-sale) can be concluded with minimal delay and maximum benefit to the owners.
CBRE is the exclusive and sole marketing agent for Faber Garden. The Public Tender for Faber Garden will close at 3pm on 31 October 2018.
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