Yet another “garden” has been put on sale. Faber Garden on Upper Thomson road has just claimed a spot in the en bloc market. And should the sale go through, it will be the second largest collective sale ever.
$1.18 billion reserve price for Upper Thomson condominium
The freehold Faber Garden has placed a $1.18 billion reserve price on their property. It was built in the 1980s and sits a plump 5.05 hectares piece of land near the Central Nature Reserve. Amongst its neighbors are other private condominiums, landed houses and even Good Class Bungalows.
It certainly is not lacking in greenery with the Lower Pierce Reservoir and Windsor Nature Park nearby. Also within walking distance is the upcoming Brighthill MRT station, which is part of the new Thomson-East Coast MRT line.
There are currently 233 units in the development and should the sale go through, each owner is expected to receive between $4.38 million to $6.75 million. There are also 3 shops on the premises and each shop owner will receive $1.99 million to $4.83 million.
A prominent piece of freehold land in a quiet enclave surrounded by nature
While the location of and the environment surrounding the land is ideal for residential development, the size of the land would be something developers have to grapple with. Though the quantum reserve price is high, the per sq ft per plot ratio works out to a palatable $1,414 psf ppr. And this is including development charges of $106.7 million, $52.8 million of which is the amount payable for intensification of the land plus a 10% bonus on balconies. Property analysts are expecting the new launch to be priced from $2,000 psf and up.
There is, however, a height limit of 12 storeys. The maximum allowable gross floor area works out to be between 871,581 sq ft and 958, 739 sq ft. The site can potentially yield 1,150 units based on the 70 sq m guideline.
This is not Faber Garden’s first try at the en bloc process. In 2011, it tried for a collective sale with an $830 million reserve price.