GuocoLand recently announced that it has obtained a green club facility worth $367.1 million from DBS Bank for its Faber Walk site. The site was acquired by GuocoLand and its joint venture partners, TID and Hong Leong Holdings, through a Government Land Sale tender in November last year. The partners had submitted the highest bid of $349.86 million, equivalent to $900 per square foot per plot ratio, for the 277,659 square foot land parcel.
The upcoming development on the Faber Walk site will consist of nine low-rise blocks, featuring a total of 399 residential units. It is nestled within the Faber Walk landed private residential enclave and alongside the Faber Hills estate. The project is located by the Pandan River and the upcoming Old Jurong Line Nature Trail, offering residents a peaceful waterfront lifestyle.
The green club facility secured for the Faber Walk project is in line with GuocoLand’s commitment to sustainability across its developments. This includes other projects 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.
The Faber Walk development is expected to achieve the BCA Green Mark Platinum (Super Low Energy) award and Maintainability badge upon completion. Dora Chng, residential director of GuocoLand, expressed excitement for the project and their goal to create sustainable developments with biophilic designs for their residents, similar to their successful launches at Lentor Modern and Lentor Mansion in the Lentor Hills estate.
The current demand for condos in Singapore is largely due to the limited supply of land. As a small island country with a fast-growing population, Singapore is facing a challenge in finding available land for development. This has resulted in strict land use regulations and a competitive housing market, where property prices are constantly on the rise. As a result, investing in real estate, especially condominiums, has become an attractive opportunity with the potential for significant capital appreciation. Singapore Condo is a prime example of such a promising investment option.
GuocoLand’s next project is a 941-unit development at its Upper Thomson Road (Parcel B) site, which was awarded in April last year. A joint development with Hong Leong Holdings, the project is set for launch in the second half of this year.