Faber Garden tries again for collective sale

/ EdgeProp Singapore
October 2, 2018 7:34 PM SGT
Faber Garden has relaunched for its second collective sale attempt on Oct 3, according to sole marketing agent CBRE. Located at Angklong Lane, off Upper Thomson Road, the 544,738 sq ft site made its first en-bloc attempt in April this year.
Faber Garden made its first collective sale attempt this April (Credit: CBRE)
The reserve price for the District 20 property remains unchanged at $1.18 billion. Including the development charge, the land price works out to $1,414 psf per plot ratio, or $1,342 psf ppr if space for balconies is factored in.
The site is zoned “residential” with a plot ratio of 1.6 and a height control of 12 storeys. The maximum allowable gross floor area is 871,581 sq ft, or 958,739 sq ft if space for balconies is included.
“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,” says Galven Tan, executive director, capital markets, at CBRE. The recent strong performance of JadeScape, where 300 units were sold on the launch weekend, is further testament of the popularity of the Thomson area, he adds.
The tender will close on Oct 31.