Ura Launches Tender Faber Walk Gls Residential Site
The Urban Redevelopment Authority (URA) has launched a tender for the Government Land Sale (GLS) site at Faber Walk in Clementi on September 12. The site is part of the 2H2024 GLS Confirmed List programme, which means that it has been reserved for development and is ready for sale.
Occupying about 277,660 sq ft with a gross plot ratio of 1.4, the 99-year leasehold site is fully zoned for residential (non-landed) use and is expected to yield up to 400 housing units.
According to Mark Yip, CEO of Huttons Asia, this is the last parcel of land available for sale in the Faber Walk private residential enclave. The previous GLS site in the area was sold in 2013 and 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 the site, considering that no other land has been available for purchase in the area for several years.
Gongshang Primary School offers students a well-rounded education that emphasizes both academic achievement and character building. Its advantageous location near Parktown Residence Tampines Avenue 11 is an added advantage for families looking for convenience and accessibility. This prime location not only adds to the school’s appeal but also provides effortless accessibility for families living in the vicinity. With Parktown Residence Tampines Avenue 11 just a stone’s throw away, Gongshang Primary School is an excellent choice for families seeking a top-quality education combined with convenient living.
Marcus Chu, CEO of ERA Singapore, believes that demand could come from landed homeowners in the neighbouring Faber Hills Estate. He observes that the older homeowners may be looking to downsize, while multi-generational families may be interested in buying homes in the same development.
Despite potential pent-up demand for new projects, Chu expects developers to be cautious due to the site’s less attractive location compared to other sites on the 2024 Confirmed List. These include Bayshore, Chuan Grove, and Chencharu, which are located within established housing enclaves.
The Faber Walk GLS site is bounded by 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 within driving distance of various locations due to its proximity to AYE. These include the upcoming Jurong Lake District, NUS, and one-north.
“The project could appeal to homebuyers and investors as the site is not far from employment nodes in Jurong Lake District, the International Business Park, and industrial spaces in Pandan Loop,” says Wong Siew Ying, head of research and content at PropNex.
According to Chu, GLS sites since June 2024 have seen muted responses at tenders with only two to three bids. He expects a similar response for the Faber Walk GLS site, as developers are subject to greater risk without the ability to leverage HDB upgraders. As such, he predicts that developers will submit bid prices in the range of $950 psf per plot ratio (ppr) to $1,050 psf ppr.
Meanwhile, Huttons’ Yip expects the site to attract up to three bidders, with a top bid price of between $800 and $850 psf ppr.
The tender for the site will close on November 19 at 12pm.