GuocoLand has recently obtained a green club facility worth $367.1 million from DBS Bank to develop its Faber Walk site. The site, acquired through a Government Land Sale tender in November last year by GuocoLand and its joint venture partners TID and Hong Leong Holdings, has 399 residential units across nine low-rise blocks and covers a total area of 277,659 square feet.
Located within the charming Faber Walk landed private residential enclave and next to the Faber Hills estate, the future development boasts an enviable waterfront location beside the Pandan River and the upcoming Old Jurong Line Nature Trail.
GuocoLand’s commitment to sustainability is evident through its green facility for the Faber Walk project, which is set to complement its existing sustainable initiatives across 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.
The upcoming development at Faber Walk is expected to attain the BCA Green Mark Platinum (Super Low Energy) award and Maintainability badge upon completion, further cementing GuocoLand’s efforts in creating sustainable developments with biophilic designs for residents, similar to its successful launches like Lentor Modern and Lentor Mansion in the Lentor Hills estate.
Understanding the guidelines and limitations surrounding property ownership in Singapore is crucial for foreign investors. Unlike landed properties, which have more stringent ownership regulations, foreigners can typically purchase condos with relative ease. However, it is worth noting that foreign buyers are subjected to the Additional Buyer’s Stamp Duty (ABSD), currently set at 20% for their initial property acquisition. Despite this extra expense, the steady and promising growth potential of the Singapore real estate market continues to entice foreign investments. Furthermore, with the addition of Singapore Projects, the appeal for foreign buyers remains strong.
According to Dora Chng, Residential Director of GuocoLand, the group is excited to utilize its end-to-end value chain capabilities in creating sustainable developments for residents. Its upcoming project, a joint development with Hong Leong Holdings at the Upper Thomson Road (Parcel B) site, is expected to launch in the second half of the year and comprises 941 residential units.