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.