On September 12, the Urban Redevelopment Authority (URA) launched a tender for a Government Land Sale (GLS) site at Faber Walk in Clementi. The site, which is part of the 2H2024 GLS Confirmed List programme, has a 99-year leasehold and occupies around 277,660 sq ft. With a gross plot ratio of 1.4, the site is zoned solely for residential (non-landed) use and is expected to yield approximately 400 housing units.
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According to Mark Yip, CEO of Huttons Asia, this is the only parcel of land available for sale in the private residential enclave of Faber Walk. The last GLS site sold in this area was back in 2013 and was launched in May 2014. It has since been developed into the 210-unit Waterfront @ Faber, which was completed in 2018. Yip notes that there may be considerable demand for this site, given the long gap since the last sale.
Marcus Chu, CEO of ERA Singapore, adds that demand could come from landed homeowners in the neighbouring Faber Hills Estate. He suggests that older homeowners may be looking to downsize, while multi-generational families may be interested in purchasing homes within the same development.
However, Chu also points out that developers may be cautious about this site due to its less attractive location compared to other sites on the 2024 Confirmed List, such as Bayshore, Chuan Grove, and Chencharu, which are in established housing enclaves.
The Faber Walk GLS site is bordered by the Ayer Rajah Expressway (AYE) to the south, Sungei Ulu Pandan to the north, and a landed housing area to the west. While the site may not have many amenities within walking distance, it is well-connected by road, with easy access to the AYE. This makes it a feasible option for residents working in the upcoming Jurong Lake District, NUS, and one-north.
Wong Siew Ying, Head of Research and Content at PropNex, suggests that the project could attract both homebuyers and investors due to its proximity to employment nodes such as the Jurong Lake District, International Business Park, and industrial spaces in Pandan Loop.
Chu notes that response to GLS sites since June 2024 has been muted, with only two to three bids received at tenders. He expects a similar response for the Faber Walk GLS site and predicts that developers will submit bids in the range of $950 to $1,050 per square foot per plot ratio (psf ppr) due to the lack of HDB upgraders in this vicinity.
Meanwhile, Yip anticipates up to three bidders for this site and expects a top bid price of between $800 and $850 psf ppr.
The tender for the Faber Walk GLS site will close on November 19 at 12pm.