Forgot your password?
or

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 feedback@srx.com.sg

ON TRACK

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
MY PROPERTY
CONCIERGE
The free, personalized advice, advocacy, and guidance for buying or renting property in Singapore
ON TRACK
Property News 11 December
Park View Mansions tries for en bloc again with 22% lower reserve price
Park View Mansions will relaunch on Wednesday its collective sale tender with a 22 per cent lower reserve price than before, making it the latest case of owners dialling down their expectations amid a quieter en bloc market.
Property News 10 December
Recommended by Stanley Street shophouse up for sale
A freehold shophouse at 28 Stanley Street has been put up for sale in an expression of interest exercise.
Property News 05 December
Sysma Holdings clinches $18.6m contract to build two-storey Good Class Bungalow
The existing seven-bedroom house, which was vacant when it was bought, has a built-up area of some 11,000 sq ft, with two floors, an attic and a swimming pool.
Property News 06 December
Singapore's premium office space seen to be cost effective
Demand for office rental remains strong in Singapore. The office rental index for the central region rose 2.5 per cent in the three months to Sept 30 over the second quarter, based on data from the Urban Redevelopment Authority.

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
Sevi
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.