GuocoLand wins Faber Walk bid at $349.9m

The area can yield about 400 residential units and has a tenure of 99 years.

GuocoLand Limited’s wholly owned subsidiary GuocoLand Singapore’s (GLS) tender for Faber Walk, has been accepted by the Urban Redevelopment Authority of Singapore at $349.9m.

The area, now known as Land Parcel 982, spans 25,795.4 square metres and can yield about 400 residential units. It has a tenure of 99 years.

It is near schools such as the National University of Singapore and within walking distance of the upcoming Jurong Town Hall MRT station on the Jurong Region Line.

The tender was submitted together with TID Residential (TIDR) and Intrepid Investments (Intrepid). The interest holdings of GLS, TIDR and Intrepid in the Land Parcel are 50%, 40%, and 10% respectively.

The parties had entered into a memorandum of general agreement that the acquisition, development and dealing of Faber Walk would be in proportion to the agreed interests.

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