Faber Garden in Upper Thomson has a reserve price of $1.18 billion. (Photo: CBRE)
The owners of Faber Garden have relaunched the 236-unit development for en bloc sale, after its first attempt closed without a sale in May.
They have kept the reserve price unchanged at $1.18 billion.
More: Developers’ En Bloc Appetite Diminishing: RHB
Including the estimated development charges (DC) payable, the price works out to $1,414 psf per plot ratio (psf ppr), or $1,342 psf ppr if the 10 percent balcony space is included.
Marketing agent CBRE noted that the development charge payable to intensify the gross floor area (GFA) is $52.8 million. Including further development charge payable for the 10 percent bonus balcony GFA, the total DC payable is about $106.7 million.
Faber Garden is located on a 544,738 sq ft site zoned residential under the 2014 master plan with a plot ratio of 1.6 and a height limit of up to 12 storeys.
CBRE revealed that a traffic impact assessment has already been conducted for the development and the authorities will support 900 units for the proposed new development.
“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,” said CBRE capital markets executive director Galven Tan.
“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,” he added.
The tender for Faber Garden closes on 31 October.
More: Understanding The En Bloc Process (August 2018)
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email firstname.lastname@example.org