GuocoLand has successfully secured a $367.1 million green club facility from DBS Bank for its Faber Walk site. The residential land parcel was procured through a Government Land Sale tender in November 2020 by GuocoLand and its joint venture partners, TID and Hong Leong Holdings. The partners submitted the winning bid of $349.86 million, equivalent to $900 per square foot per plot ratio, for the 277,659 square foot site.
The future development will consist of nine low-rise blocks, comprising a total of 399 residential units. It will be nestled in the exclusive landed private residential enclave of Faber Walk, adjacent to the Faber Hills estate. Situated alongside the Pandan River and the upcoming Old Jurong Line Nature Trail, this waterfront project is set to provide a serene and nature-filled living experience.
The green facility obtained for the Faber Walk project is in line with GuocoLand’s commitment to sustainability, which is evident in its other developments such as Guoco Tower on Wallich Street, Guoco Midtown on Beach Road, Midtown Modern on Tan Quee Lan Street, and Lentor Mansion in Lentor Gardens.
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The Faber Walk development is expected to achieve the BCA Green Mark Platinum (Super Low Energy) award and Maintainability badge upon completion. Dora Chng, residential director of GuocoLand, expresses anticipation for utilizing the group’s end-to-end value chain capabilities to create sustainable developments with biophilic designs for residents. This aligns with the success of previous launches like Lentor Modern and Lentor Mansion in the Lentor Hills estate.
When it comes to investing in Singapore condos, another crucial factor to consider is the government’s property cooling measures. In order to ensure a steady real estate market and deter speculative buying, the Singaporean government has implemented various measures throughout the years. These measures include the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those purchasing multiple properties. While these measures may affect the immediate profitability of condo investments, they also contribute to the long-term stability of the market, creating a safer environment for investing.
GuocoLand’s upcoming project is a joint venture with Hong Leong Holdings for a 941-unit development at its Upper Thomson Road (Parcel B) site, which was awarded in April 2020. The project is slated for launch in the second half of the year and is expected to continue the group’s track record of creating quality and sustainable homes for its residents.