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Collective Sale by Tender closing on 22 November 2011 (Tuesday) at 3pm
SINGAPORE, 18 October 2011 – Sole Marketing Agent Jones Lang LaSalle is presenting for collective sale by tender, a large freehold residential redevelopment site, Faber Garden, located along Upper Thomson Road. The redevelopment site has an area of approximately 544,738 sq ft, zoned for ‘Residential’ use with a gross plot ratio of up to 1.6. The potential gross floor area of up to 958,748 sq ft (inclusive of 10% balcony), subject to relevant authorities approval could potentially yield some 760 apartment units at an average size of 1,200 sq ft. An estimated development charge of approx. $31.2 million is payable. The building height is subject to evaluation.
Faber Garden, located at Angklong Lane currently comprises a total of 5 blocks accommodating 3 shops units and 233 apartments, maisonettes, penthouses and townhouses. The site is within close proximity to Bishan, Ang Mo Kio and Marymount MRT Station with a future MRT Station on the Thomson line expected within walking distance. The subject site is also within close proximity to renowned schools such as Ai Tong Primary School, which is within 1-km radius of the subject site, St Nicholas Girls’ School & Raffles Institution. Ms Stella Hoh, National Director and Head of Investments at Jones Lang LaSalle, comments “The subject site offers a potential developer an opportunity to acquire a large piece of freehold land in a prime residential location. The future development will be a premium condominium with its location, unblocked panoramic views of the reservoir and proximity to the prestigious Singapore Island Country Club. In addition, the future MRT Station along the Thomson Line, potentially within walking distance will enhance accessibility to the site.”
The recent launch of neighbouring property, Thomson Grand indicated transactions between $1,400-$1,500 psf. Given the freehold tenure of Faber Garden, the site would command a premium relative to the 99-year leasehold tenure of Thomson Grand, the indicative price works out to be in excess of $830 million ($988 psf ppr). The tender will close at 3pm on 22 November (Tues) 2011.
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