GuocoLand Secures Faber Walk GLS Site with Top Bid of $900 PSF PPR
The recent Government Land Sale (GLS) for a residential site at Faber Walk has concluded with a top bid of $349.858 million ($900 psf per plot ratio or ppr) submitted by a consortium led by GuocoLand. This bid, alongside its partners TID Residential and Intrepid Investments, reflects the developers’ strong interest in the area’s growth potential.
An Enclave of Greenery and Connectivity
Located in Clementi, the 99-year leasehold site spans 277,659 sq ft and can accommodate up to 400 residential units. The site is nestled beside the Faber Heights landed housing estate, offering a tranquil setting surrounded by lush greenery and the Rail Corridor. It is also well-connected, with the upcoming Jurong Town Hall MRT station just a short walk away.
Clementi has long been a desirable location for families, with its proximity to prestigious schools such as Nan Hua Primary School, the National University of Singapore, and international institutions. Future residents will also enjoy easy access to amenities, nature parks, and the upcoming Old Jurong Line Nature Trail within the Clementi Nature Corridor.
A Strong Bid Reflects Market Confidence
The $900 psf ppr bid surpasses the second-highest offer of $827 psf ppr by JBE Holdings, showcasing GuocoLand’s determination to secure this prime parcel. Industry experts note that the lower plot ratio of 1.4 may have limited the number of bids compared to other sites like Elta at Clementi Avenue 1, which recently attracted six bidders.
Despite this, the competitive bid underscores developers’ confidence in the Faber Walk site’s appeal. The land parcel is close to employment hubs such as the Jurong Lake District and the International Business Park, positioning it as a highly desirable address for professionals and families alike.
Clementi’s Continued Growth
The Clementi area has been a hotspot for successful developments. Recent projects West Coast Vale’s Whistler Grand and Twin Vew have seen robust demand in the resale market, with units sold at record prices. The Faber Walk GLS site builds on this momentum, with experts projecting an average selling price of around $2,200 psf for the upcoming development.
GuocoLand’s spokesperson highlighted their vision for a low-rise, waterfront-style project, catering to buyers seeking serene living spaces with urban connectivity. This development adds to GuocoLand’s diverse portfolio, which includes notable projects in other regions such as Upper Thomson and Lentor Central Residences (upcoming).
Positive Market Trends
Industry leaders like Huttons Asia’s CEO Mark Yip believe that improving market sentiment and the prospect of lower interest rates are driving confidence in the property market. Recent launches in November 2024 where more than 1,500 units sold within 2 weeks also indicate stronger buyer activity, signaling that demand remains resilient.
For those seeking a home in a prime location, Clementi’s vibrant mix of connectivity, amenities, and green spaces makes it a top choice. Future developments, including the exciting Elta by MCL Land at Clementi Avenue 1, continue to enhance the area’s reputation as a sought-after residential enclave.
With its strategic bid, GuocoLand has once again demonstrated its commitment to creating exceptional living spaces that meet the needs of modern homeowners. Stay tuned for updates on this promising new project at Faber Walk.
