The Faber Walk site saw 3 bids and a top bid of $900 psf ppr came from GuocoLand, TID and Intrepid Investments.
Recent land bids for sites in the Outside Central Region have ranged from $793 psf ppr to $904 psf ppr. The bid is also higher than the $850 psf ppr for the nearby Park West condo enbloc in 2018.
The beyond expectations take-up at recent launches in Nov 2024 may point to improving market sentiments. Furthermore the outlook on interest rates appears to be on the downtrend which may see more buyers investing in property. This could have led to the confident bid for the last parcel of land in the Faber private residential enclave.
There appears to be more participation from developers as a lot of past GLS tenders had only 2 bidders.
There may be considerable pent up demand for new homes in the area as the last plot of land was sold in 2013. Some buyers may also consider the project as it is within 1km to the popular Nan Hua Primary School. Amenities like shopping mall, food centre and market are plenty in the Clementi mature estate.
The site is minutes’ away from Clementi MRT station and the AYE and PIE. The Jurong Lake District is just one train stop away.
