SINGAPORE: Faber Garden, a freehold development in Upper Thomson, will be put up for collective sale on Tuesday (Apr 17) with a reserve price of S$1.18 billion, said sole marketing agent CBRE.
If successful, Faber Garden’s collective sale will overtake Pacific Mansion’s S$980 million sale in March to become Singapore's largest this year.
The record for the largest residential en bloc sale currently belongs to Farrer Court, which was sold for S$1.34 billion in 2007.
The Faber Garden en bloc tender builds on a string of high profile collective sale deals in recent months, including Tulip Garden, which was sold for nearly S$907 million last week following its fourth attempt at a collective sale.
Including the estimated development charge payable, CBRE said the resultant land price works out to S$1,414 per sq ft per plot ratio (psf ppr), or S$1,342 psf ppr if 10 per cent balconies was included.
The site is expected to accommodate more than 1,150 units when redeveloped.
"In land scarce Singapore, large sites such as this is hardly available, or would otherwise be 99 year leasehold. Faber Garden’s attributes are exceptional – the plot is freehold; it is next to a nature reserve, and an MRT Station at its doorstep makes it a compelling development proposition," said CBRE executive director of capital markets Galven Tan.
The public tender for Faber Garden will close at 3pm on May 23.