GuocoLand, together with its joint venture partners TID and Hong Leong Holdings, have recently secured a green club facility worth $367.1 million from DBS Bank to develop their Faber Walk site. This residential land parcel was acquired through a Government Land Sale tender in November last year, with GuocoLand and its partners submitting the highest bid of $349.86 million, equivalent to $900 per square foot per plot ratio for the 277,659 square foot site.
The upcoming development on Faber Walk will consist of nine low-rise blocks, offering a total of 399 residential units. It is located in the exclusive landed private residential enclave of Faber Walk, which is adjacent to the Faber Hills estate. Situated next to the Pandan River and the forthcoming Old Jurong Line Nature Trail, this waterfront development boasts a prime location.
It is crucial for international investors to have a thorough understanding of the regulations and limitations pertaining to property ownership in Singapore. As compared to landed properties, which have more stringent ownership rules, foreigners are typically allowed to purchase condos with ease. Nevertheless, foreign buyers are obligated to pay the Additional Buyer’s Stamp Duty (ABSD), which is currently set at 20% for their initial property purchase. Despite the added expenses, the stability and potential for growth in the Singapore real estate market remain highly appealing to foreign investors. The attractiveness of Singapore Condos continues to drive foreign investment in the country.
The green facility secured by GuocoLand for this project complements their existing sustainable initiatives across their 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.
Dora Chng, the residential director of GuocoLand, expresses excitement for the project, saying, “We are thrilled to leverage the group’s end-to-end value chain capabilities in creating sustainable developments with biophilic designs for our residents, similar to our successful launches like Lentor Modern and Lentor Mansion in the Lentor Hills estate.”
Upon completion, the Faber Walk development is expected to achieve the BCA Green Mark Platinum (Super Low Energy) award and Maintainability badge, in line with GuocoLand’s commitment to sustainability.
In addition to the Faber Walk project, GuocoLand’s future plans include a 941-unit development at their Upper Thomson Road (Parcel B) site, which they acquired last April. This joint development with Hong Leong Holdings is set for launch in the second half of the year.