Forgot your password?

Don't have an account? Create An Account

For agents interested in participating on SRX, please contact us at +65 6635 3388 or write to us at


Achieve the life you want, in the home you love
Property News03 Oct 2018

Faber Garden in fresh bid to go en bloc at same price

st 20181003 faber02 4320117

Faber Garden is relaunching a collective sale exercise today at the same reserve price of $1.18 billion at which its first attempt closed without a sale six months ago.

The public tender will close at 3pm on Oct 31.

The collective sale committee's (CSC) minutes last month noted that members "reached a unanimous consensus" to relaunch the tender, "in view that there is no competing land supply around the same vicinity as Faber Garden".

The 236-unit freehold condominium in Angklong Lane is near the Central Nature Reserve amid good class bungalows, landed housing and private condominiums, as well as the Bright Hill MRT station that is expected to open in 2021.

With a site area of 544,738 sq ft, the 34-year-old condo has a plot ratio of 1.6 and a height control of 12 storeys.

"Faber Garden was valued at $1.16 billion. The CSC didn't get back to us to lower the reserve price as the difference between the two prices is too small. Besides, there is a risk of not getting the 80 per cent in time," a Faber Garden resident, who declined to be named, told The Straits Times.

ith an 80 per cent mandate and at the same reserve price, the CSC can relaunch for tender before the collective sale agreement expires on March 21 next year.

The 233 owners stand to get a gross payout of between $4.38 million and $6.75 million, and the three commercial shop units could get between $1.99 million and $4.83 million.

Marketing agent Galven Tan, CBRE's executive director of capital markets, said: "Faber Garden is the largest freehold site in Upper Thomson. While developers have become more selective with land acquisitions after the latest round of cooling measures, centrally located sites such as this site are rare.

"The recent strong performance of JadeScape, where 300 units were sold on the weekend launch, is further testament to the demand and popularity of the Thomson area."

The CSC was unable to conclude the sale at its reserve price six months ago.

Some observers say the site's appeal may be hampered further by increases in the additional buyer's stamp duty following the latest cooling measures, as well as conditions imposed on Faber Garden's redevelopment to ensure it will not cause a strain on existing infrastructure.

In particular, a traffic impact assessment (TIA) was conducted and the Land Transport Authority (LTA) has "confirmed that the proposed increase of plot ratio 1.6 to 2.1 cannot be supported", according to a May 23 letter from CBRE to Faber Garden owners.

The LTA will support only 900 units for the redeveloped site. CBRE earlier said the site could yield 1,156 units, based on the 70 sq m guideline.

"That means developers cannot build as many small units, which will affect their total gross development value. In turn, they may tender lower prices for the land," said a property research director who declined to be named.

The LTA said it is unable to share details specific to Faber Garden.

"A TIA would typically be done when the redevelopment plan involves building more than 700 units on the site and/or if there are opportunities for alternative ingress and egress into the site," said Colliers International managing director Tang Wei Leng.


Like this article? Share it.
mySG Home
Your Digital Home
Track Your Home. Discover Your Wealth
The free, personalized advice, advocacy, and guidance for buying or renting property in Singapore
Property News 19 October
Single-storey detached house in Serangoon Gardens on sale for S$11.5m
"The site may also be attractive to multi-generational families who favour this location for its quaint surroundings as well as the abundance of amenities." - Suzie Mok, senior director of investment sales at Savills Singapore, on the 18/20 Berwick Drive house (above), that spans two adjoining lots.
Property News 19 October
New guidelines may price some buyers out of market: Redas
Some analysts maintain that the per sq ft price of new private apartments will have to drop if the absolute sale price of a unit with an increased floor area is to be kept affordable.
Property News 17 October
Home buyers willing to pay more for integrated projects
Convenience, scarcity among reasons cited; price premiums can go up to 19%: Report
Property News 16 October
New private home sales rebound in September
New private home sales bounced back as buyers snapped up 51 per cent more units last month compared with August.

Contact Us

Hello Singapore! I'm Sevi. Ask me any property question.
Chat with Sevi
Sevi - AI Bot
Replies in seconds
Need to speak to someone? 6635-3388
I'm Sevi, your personal assistant.

You can ask me basic property questions about transactions, listings, project info and X-value.

Some Examples:

1. Where is Gem Residences located?
2. Are there listings in Hillview Regency for 3 bedrooms and budget of $1.5m?
3. For how much can I sell my property?
4. What are the latest transactions in Bayshore Park?
5. Is it cheaper to buy HDB in Tampines or Jurong East?
6. What is the plot ratio for The Sail?
7. How many blocks are there in Ang Mo Kio Ave 3?

Type RESET or HELP whenever you need.