Ura Launches Tender Faber Walk Gls Residential Site
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Singapore’s Urban Redevelopment Authority (URA) has recently launched a tender for a Government Land Sale (GLS) site at Faber Walk in Clementi on September 12. The site is part of the 2H2024 GLS Confirmed List programme and has a 99-year leasehold. It covers about 277,660 sq ft of land with a gross plot ratio of 1.4 and is fully zoned for residential (non-landed) use. It is expected to yield up to 400 housing units.
According to Mark Yip, CEO of Huttons Asia, this is the last plot of land available for sale in the private residential enclave of Faber Walk. The previous GLS site in the area was sold in 2013 and launched in May 2014. It has been developed into the 210-unit Waterfront @ Faber, which was completed in 2018. Yip notes that there may be considerable demand for the site as it has been a while since a new project has been launched in the area.
Marcus Chu, CEO of ERA Singapore, says that potential demand could come from landed homeowners in the neighbouring Faber Hills Estate. The older homeowners may be looking to downsize their homes, while multi-generation families may want to buy homes in the same development. However, Chu also notes that developers may be cautious due to the site’s less attractive location compared to other sites on the 2024 Confirmed List, such as Bayshore, Chuan Grove, and Chencharu, which are in established housing enclaves.
The Faber Walk GLS site is surrounded by the Ayer Rajah Expressway (AYE) to the south, Sungei Ulu Pandan to the north, and a landed housing enclave to the west. While it is not within walking distance to many amenities, it is within driving distance of many places, given its proximity to the AYE. These include the upcoming Jurong Lake District, NUS, and one-north. Wong Siew Ying, head of research and content at PropNex, says that the project could appeal to both homebuyers and investors as it is close to employment nodes such as the Jurong Lake District, the International Business Park, and industrial spaces in Pandan Loop.
Chu observes that there has been a muted response to GLS sites since June 2024, with just two to three bids at tender. He expects a similar response for the Faber Walk GLS site, as developers are facing greater risk without the ability to leverage HDB upgraders. Hence, he expects bid prices to range from $950 psf per plot ratio (ppr) to $1,050 psf ppr. On the other hand, 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.
