GuocoLand, a leading Singapore-based real estate company, has recently secured a green club facility worth $367.1 million from DBS Bank for the development of its Faber Walk site. This residential land parcel was acquired through a Government Land Sale tender in November last year, jointly by GuocoLand, TID, and Hong Leong Holdings. The bidding process saw the partners offer the highest bid of $349.86 million, which translates to $900 per square feet (psf) for the 277,659 square feet site.
The upcoming project is set to feature 399 residential units spread across nine low-rise blocks. It will be located in the Faber Walk landed private residential enclave, adjacent to the Faber Hills estate. This waterfront development boasts a prime location next to the scenic Pandan River and the soon-to-be-open Old Jurong Line Nature Trail.
In order for international investors to enter the Singapore real estate market, it is crucial to have a clear understanding of the regulations and limitations surrounding property ownership. While foreigners face less restrictions when purchasing condos, they must adhere to stricter rules when it comes to buying landed properties. Additionally, foreign buyers are required to pay the Additional Buyer’s Stamp Duty (ABSD) which currently stands at 20% for their first property purchase. Despite these added expenses, the stability and potential for growth in the Singapore real estate market remains a major draw for foreign investment. As a result, many are looking to invest in properties such as Singapore Condos in order to capitalize on the lucrative opportunities in this market.
The green facility secured by GuocoLand for the Faber Walk project is aligned with their commitment to sustainable development. It complements the company’s existing initiatives towards environmental stewardship in its 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.
According to Dora Chng, residential director of GuocoLand, the company is looking forward to utilizing its end-to-end value chain capabilities to create sustainable developments with biophilic designs for the future residents of Faber Walk. This philosophy is in line with the success seen by their previous launches, like Lentor Modern and Lentor Mansion in Lentor Hills estate.
The Faber Walk development is planned to achieve the BCA Green Mark Platinum (Super Low Energy) award and Maintainability badge upon completion. GuocoLand’s upcoming project is a joint venture with Hong Leong Holdings and is set to feature 941 residential units on its Upper Thomson Road (Parcel B) site. The project is scheduled to launch in the second half of the year.