Ura Launches Tender Faber Walk Gls Residential Site
Singapore’s Urban Redevelopment Authority (URA) has put up for sale a Government Land Sale (GLS) site located along Faber Walk in Clementi. This site, which is part of the 2H2024 GLS Confirmed List programme, is up for tender as of September 12.
Occupying a 277,660 square foot area, the site has a 99-year leasehold and a gross plot ratio of 1.4. It is zoned for residential (non-landed) purposes and is expected to yield up to 400 housing units.
According to Mark Yip, CEO of Huttons Asia, this is the last parcel of land in the Faber Walk private residential enclave to be put up for sale. The last GLS site that was sold in this area was back in 2013 and was launched in May of 2014. The site has since been developed into the 210-unit Waterfront @ Faber, which was completed in 2018. Yip notes that this could result in a considerable demand for new projects.
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Marcus Chu, CEO of ERA Singapore, says that the demand could come from landed homeowners in the neighbouring Faber Hills Estate. He observes that the older landed homeowners might be looking to downsize or that multi-generation family members may want to purchase homes within the same development.
However, Chu also notes that developers may be cautious due to the location of the site, which may not be as attractive compared to other sites on the 2024 Confirmed List, such as Bayshore, Chuan Grove, and Chencharu, which are in more 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 may not be within walking distance to many amenities, it is within driving distance of several locations, thanks to its proximity to the AYE. These include the upcoming Jurong Lake District, NUS, and One-North.
“The project could appeal to homebuyers and investors as the site is near employment nodes such as Jurong Lake District, International Business Park, and industrial spaces in Pandan Loop,” says Wong Siew Ying, head of research and content at PropNex.
Chu observes that GLS sites since June 2024 have seen muted responses at tenders, with only two to three bids. He expects the response to be similar for the Faber Walk GLS site. “Developers are subjected to greater risk without the ability to leverage HDB upgraders,” Chu comments, adding that he expects developers to bid between $950 psf per plot ratio (ppr) to $1,050 psf ppr.
Meanwhile, Huttons’ Yip expects the site to attract 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.