Faber Garden owners launch en bloc sale at $1.18 bil, potentially largest deal in 2018
By Charlene Chin
/ EdgeProp Singapore |
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Owners of Faber Garden along Upper Thomson Road have launched a collective sale of their 34-year-old freehold residence at a reserve price of $1.18 billion, opening doors to potential bidders on April 17. The freehold site, a 236-unit development covering 12.5 acres (5.1 hectares), is located next to the Bright Hill MRT station, slated for opening in 2021.
According to the Urban Redevelopment Authority’s 2014 Masterplan, the site is labelled “residential” with a plot ratio of 1.6, at a height control of 12 storeys. The maximum gross floor areas allowed measure roughly 871,581 sq ft and 958,739 sq ft for units with balconies. Including the estimated development charge, the land price works out to $1,414 psf ppr or $1,342 psf ppr with 10 percent balcony space.
If successful, Faber Garden will be the biggest collective sale this year, and only the second in Singapore's history to cross the billion-dollar mark (Credit: CBRE)
Based on guidelines, the site can accommodate more than 1,150 units. The estimated development charge to maximise the gross floor area measures roughly $52.8 million, and totals approximately $106.7 million if it includes the gross floor area of balconies, according to marketing agent CBRE.
Faber Garden comprises a mix of three shop units and 233 apartments consisting of mansionettes, penthouses and townhouses and several communal facilities. It is located in a mixed-use development, situated among landed housing and private condominiums. Prominent landmarks in the area include Windsor Nature Park, Lower Pierce Reservoir and the Singapore Island Country Club.
The tender for the site will close on 23 May.
The collective sale, if successful, will be the largest en bloc sale this year. The record for the highest en bloc sale price in Singapore is held by Farrer Court, which sold for $1.34 billion in 2007.
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