Faber Residence Achieves 86 Sales Average Price 2160 Psf
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Last weekend (Oct 18–19) was an eventful one for the private residential market, with the launch of two highly anticipated projects: Penrith at Margaret Drive and Faber Residence at Faber Walk, off Jalan Lempeng in Clementi Avenue 6. Crowds flocked to both developments, with the joint developers of Penrith – Hong Leong Holdings, Hong Realty and GuocoLand – announcing that as of 4pm on Oct 18, 447 out of 462 units (97%) had been snapped up at an average price of more than $2,800 psf. Similarly, Faber Residence – a joint venture between GuocoLand and Hong Leong Holdings – reported strong sales figures, with 344 out of 399 units (86%) sold over the launch weekend at an average price of $2,160 psf.
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Together, these two projects achieved a weekend sales total of more than 790 units, a remarkable feat for the developers. According to residential director of GuocoLand, Dora Chng, the majority of buyers were Singaporeans and Permanent Residents, many of whom were interested in owning their own homes. She adds that the development’s riverfront setting, close proximity to established schools, and direct access to the Ulu Pandan Park Connector were big draws for buyers.
The launch of Faber Residence also marks the final Outside Central Region (OCR) project for 2025. “The strong sales figures demonstrate the resilience of mass-market housing demand in Singapore,” says PropNex CEO Kelvin Fong. “We believe that the competitive pricing and advantages of the project’s location played a key role in attracting buyers.”
At an average price of $2,160 psf, many buyers were likely enticed by the value offered by the development. Fong notes that new non-landed private homes in the OCR – excluding executive condominiums – have averaged around $2,275 psf this year, based on lodged caveats. The project’s two-bedroom units were priced starting from $1.28 million, while three-bedroom units started at around $1.57 million, placing them squarely within the “sweet spot” under $2.5 million. Fong observes that all 80 two-bedroom and 199 three-bedroom units were fully sold.
SRI’s head of research and data analytics, Mohan Sandrasegeran, attributes the impressive sales numbers to the competitive entry price of the development, supported by favourable land costs. “The developers acquired the site at an average price of about $900 psf per plot ratio (ppr) – significantly lower than other plots in the OCR such as Bayshore and Chuan Grove, which exceeded the $1,300 psf ppr threshold,” he notes. “This enabled them to offer a compelling price point for buyers seeking value in a mature, well-connected estate.”
Mark Yip, CEO of Huttons Asia, adds that the strong response to the development was to be expected, since Faber Residence is the first new project in the Faber Hills area since 2014. “It is probably the last plot of land offering waterfront living in Faber Hills,” he remarks.
Yip notes that market sentiment remains optimistic, buoyed by lower interest rates, an improving economy, and a steady stream of affordably-priced launches. “The positive momentum in the property market continues, driven by pent-up demand and abundant liquidity,” he says.
The majority of buyers were attracted by the development’s close proximity to Nan Hua Primary School, one of Singapore’s most highly sought-after schools located within 1km of the site. “Beyond Nan Hua, Clementi’s education belt – which covers primary to tertiary institutions – means that families do not have to move as their children grow up,” notes Yip. This family appeal is reflected in buyer trends, with compact two- and three-bedroom units emerging as the most popular choices.
Faber Residence also offers excellent connectivity, being within walking distance of the upcoming Jurong Town Hall MRT Station on the Jurong Region Line, and within close proximity to the Ayer Rajah Expressway (AYE) and the Pan-Island Expressway (PIE). Its location near Singapore’s second CBD positions it to benefit from the government’s long-term plans for the transformation of the Jurong Lake District. “The location will appeal to working professionals who value convenience and connectivity,” says ERA Singapore CEO Marcus Chu.
The successful launch of Faber Residence adds to a string of well-received OCR projects in 2025, highlighting renewed buyer confidence. According to SRI’s Sandrasegeran, 3,811 new private homes were sold in the first nine months of 2025, more than double the 1,952 units sold in the same period last year.