Ura Launches Tender Faber Walk Gls Residential Site
The Urban Redevelopment Authority (URA) is selling a piece of land at Faber Walk in Clementi through its latest Government Land Sale (GLS) programme. The 277,660 square foot 99-year leasehold site, under the 2H2024 GLS Confirmed List, is expected to provide up to 400 residential units with a gross plot ratio of 1.4.
According to Mark Yip, CEO of Huttons Asia, this is the last available parcel of land for sale in the private residential enclave of Faber Walk. The previous GLS site in the area was sold in 2013 and launched in May 2014, which has since been developed into the 210-unit Waterfront @ Faber and completed in 2018. As such, pent-up demand for new projects may have built up over the years, notes Yip.
Marcus Chu, CEO of ERA Singapore, believes that demand for the new development could come from landed homeowners in the neighboring Faber Hills Estate. The older landed homeowners may be looking to downsize, while multi-generation families may want to purchase homes within the same project, he observes.
However, Chu cautions that developers may be more cautious due to the site’s location, which is less attractive compared to the other sites on the 2024 Confirmed List, such as Bayshore, Chuan Grove, and Chencharu, which are in more established housing enclaves.
The Faber Walk GLS site is bounded by the Ayer Rajah Expressway (AYE) to the south, Sungei Ulu Pandan to the north, and a landed housing enclave to the west. While the site is not within walking distance of many amenities, it is in close proximity to several locations, thanks to its proximity to the AYE. These include the upcoming Jurong Lake District, NUS, and one-north.
Wong Siew Ying, head of research and content at PropNex, believes that the project could be appealing to homebuyers and investors due to its close proximity to employment nodes, such as the Jurong Lake District, International Business Park, and industrial spaces in Pandan Loop.
Chu points out that tenders for GLS sites since June 2024 have seen a muted response, with just two to three bids. He expects a similar response for the Faber Walk GLS site, adding that developers are faced with greater risk without the ability to leverage HDB upgraders. Consequently, he expects developers to submit bids in the range of $950 to $1,050 per square foot per plot ratio (psf ppr).
Meanwhile, Yip believes that the site could attract up to three bidders, with a top bid price of between $800 and $850 psf ppr.
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The tender for the site will close on November 19 at 12pm.