Singapore
Commentary on Tender Closing of Faber Walk Residential Site
November 19, 2024
Associated Contact
Head of Marketing & Communications, Singapore
After the robust showing at the new launches last weekend, the GLS tender at Faber Walk closed with a muted three bids, and a top bid of $349.9 mil or $900psf ppr, largely within earlier expectations. This reflects the continued cautious selectiveness of developers, especially given that there are still other more attractive sites in the government land sale programme.
The Urban Redevelopment Authority (URA) closed the tender for the Faber Walk site today. Launched for public tender on 12 September 2024, the 25,795.5 sqm site has a low gross plot ratio of 1.4x and is expected to yield 400 residential units, though this will be capped at 403 to keep traffic flow in the area manageable.
The site drew three bids, with a top bid of $349.9 mil or $900 psf ppr from a joint venture of GuocoLand (Singapore) Pte. Ltd., TID Residential Pte. Ltd. and Intrepid Investments Pte. Ltd. This is 8.9% higher than the second bid of $827 psf ppr.
Source: URA
While there appears to be a robust and healthy demand for private housing around the Clementi and West Coast areas, given their proximity to popular schools like Nan Hua Primary and tertiary institutions such as the National University of Singapore, performance has varied across specific project attributes.
Right next to the Faber Walk site is Waterfront @ Faber, a low-rise development completed in 2017, which transacted at a median price of $1,533 psf in 2024.
Newer launches in Clementi include Parc Clematis, an enbloc sale of the former Park West for S$850 psf ppr in January 2018. The 1,468-unit Parc Clematis was reported to have launched and sold 348 units on launch day in Aug 2019 at an average price of S$1,580 psf. Year to date in 2024, Parc Clematis transacted at a median price of $2,052 psf in the secondary market. Across the Ayer Rajah Expressway (AYE), relatively new high-rise projects such as Whistler Grand, Twin Vew and Parc Riviera transacted at median prices of S$1,879, S$1,778 and S$1,642 psf respectively. Another popular newer development is Clavon, developed on the GLS site at Clementi Ave 1, sold in July 2019 for $788 psf ppr. The 640-unit Clavon launched in December 2020, selling 70% at an average of $1,640 psf on launch weekend. It was fully sold by September 2022, and in 2024 to date, recorded 61 secondary transactions at a median price of $2,035 psf.
|
Project |
Waterfront @ Faber |
Parc Clematis |
Whistler Grand |
Twin Vew |
Parc Riveria |
Clavon |
|
Median price in 2024 (psf) |
1,533 |
2,052 |
1,879 |
1,778 |
1,642 |
2,035 |
|
No. of units transacted in 2024 |
14 |
117 |
40 |
29 |
47 |
61 |
|
Completion year |
2017 |
2023 |
2022 |
2021 |
2019 |
Uncompleted |
We expect the developer of Faber Walk site could look to launch at an average selling price of $2,200 psf.
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