Faber Garden up for collective sale by tender

The residential site has an area of approximately 544,738 sq ft and is located along Upper Thomson Road.

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.

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 2011.