Marketing agent CBRE will relaunch the public tender of Faber Garden, located at 2,4,6,8,10 Angklong Lane, off Upper Thomson Road, on 3 October 2018.
The sprawling site, situated next to Singapore’s Central Nature Reserve, enjoys tranquil exclusivity yet is conveniently connected to the city centre via the MRT network, major roads and expressways. The upcoming Bright Hill MRT Station (TE7), slated to open in 2021, is located right at the doorstep of the site.
The site area is approximately 544,738 sq ft. Based upon the Masterplan 2014 zoning, the use is “residential” with plot ratio 1.6 and a height control of 12 storeys. The maximum allowable gross floor area (GFA) is approximately 871,581 sq ft and 958,739 sq ft (including 10% bonus balconies).
The development charge payable to intensify the gross floor area is approximately $52.8m. Including further development charge payable for the 10% bonus balconies GFA, the total DC payable is approximately $106.7m.
A traffic impact assessment has been conducted for the development and the authorities will support 900 dwelling units for the proposed new development.
Galven Tan, Executive Director, Capital Markets, CBRE said, “The Faber Garden site is the largest freehold site in Upper Thomson. It provides developers ample planning flexibility to develop a landmark development in an exclusive, predominantly landed residential estate. With Bright Hill MRT station and the Central Natural Reserve at its doorstep, the site offers the ease of transport connectivity and tranquility of nature.”
Mr Tan adds, “While developers have become more selective with land acquisitions after the latest round of cooling measures, centrally located sites with exceptional attributes such as the Faber Garden site are rare, and continue to attract developers’ attention. The recent strong performance of Jadescape where 300 units were sold on the launch weekend, is further testament of the demand and popularity of the Thomson area.”
The location, off Upper Thomson Road, is characterized by affluent Good Class Bungalows (Windsor Park GCBA), landed housing and private condominiums. Singapore’s ‘oldest and grandest’ golf and country club in Singapore, The Singapore Island Country Club Island Location (SICC), is located across from the site. Upper Thomson Road is undisputedly the best district of Central Northern Singapore (District 20).
Overlooking the vast mature greenery of Lower Pierce Reservoir, Windsor Nature Park (TreeTop Walk) and the greens of the golf courses of SICC, the site is the perfect opportunity for a developer to capitalize on its proximity to nature and develop a new luxurious residential development for families, away from the hustle and bustle of the city.
One of the key attributes of the site is being next to the Central Nature Reserve. The popular Windsor Nature Park (TreeTop walk) and Lower Pierce Reservoir are within walking distance from the site. In addition, it is located about 1km to Ai Tong School, and within close proximity to CHIJ St Nicholas Girls School, Catholic High School, Raffles Institution and Australian International School.
The reserve price of Faber Garden is $1.18b. Including the estimated development charge payble, the resultant land price works out to $1,414 psf ppr or $1,342 psf ppr if 10% balconies was included.
Owners representing more than 80% of the share value and strata area have signed the Collective Sale Agreement (CSA). Faber Garden currently has 236 units and is approximately 34 years old.
The Public Tender for Faber Garden will close at 3pm on 31 October 2018.