21 Nov 2024
Faber Walk GLS Land Bid: GuocoLand Tops Tender at $900 psf ppr
Property Insight

The Government Land Sale (GLS) site at Faber Walk, designated for residential (non-landed) development, was awarded to GuocoLand (Singapore) Pte. Ltd., TID Residential Pte. Ltd., and Intrepid Investments Pte. Ltd. at $349.9 million, translating to $900 per square foot per plot ratio (psf ppr). This bid exceeded the second-highest by 8.9%, reflecting the developers' competitive positioning. 

The Faber Walk site has several advantages. The planned transformation of Clementi MRT station into a Cross Island Line (CRL) interchange will enhance accessibility. The upcoming completion of the CRL is expected to improve connectivity to key areas in Singapore, boosting the site's appeal among homebuyers and investors. The lack of new residential launches in the area, as seen with the sold-out projects Clavon and Ki Residences at Brookvale, presents an opportunity to meet market demand.

Resale activity in the Clementi planning area has risen significantly, with non-landed and landed property transactions increasing by 20.6% and 14.3%, respectively, from January to October 2024 compared to the same period in 2023. This trend suggests a growing pool of upgraders who may be drawn to future developments at Faber Walk. The site's proximity to commercial hubs like the International Business Park and JTC Summit makes it attractive to expatriates and professionals in high-tech and industrial sectors.

Additionally, Faber Walk benefits from its location near reputable schools, notably Nan Hua Primary School, which has seen high demand in recent years. Families prioritizing proximity to such institutions may find this site appealing, further driving demand for its residential units.

The Jurong Lake District's transformation into a vibrant commercial and residential hub is likely to further increase interest in western Singapore. Improved infrastructure and business developments in the region will enhance convenience and connectivity, appealing to residents seeking work-life balance near major employment centers.

The site is projected to launch at competitive prices of $2,100 to $2,300 psf. Although future competition may arise from developments like The Elta at Clementi Avenue 1, the staggered launch timelines are expected to reduce direct competition.

The Faber Walk site is well-positioned to cater to a diverse demographic, including young families, professionals, and upgraders, offering a balance of exclusivity and value. Its strategic location, combined with improving infrastructure and market demand, presents an opportunity for developers to deliver a compelling residential development.

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Prepared By: 

Mohan Sandrasegeran 

Head of Research & Data Analytics 

  

  

Email: mohan@sri.com.sg
  

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Property Insight
15 Sep 2025
Singapore New Home Sales Cross 2,000 Units in August 2025, Driven by Strong Launches

The private residential market registered a strong performance in August 2025, marking the second consecutive month of growth in new home sales. Developers transacted 2,142 units excluding Executive Condominiums (ECs), a significant jump from the 940 units sold in July. Including ECs, the total reached 2,338 units. This is the first time since November 2024 that monthly developer sales have surpassed the 2,000-unit threshold.

This outcome is especially notable given that August is traditionally a quieter month for property transactions due to the Hungry Ghost Festival. Developers responded strategically by bringing projects to market earlier, capitalising on demand before the slowdown. This timing enabled them to sustain momentum despite the seasonal lull.

The strong results were underpinned by several high-profile launches. Five projects—Springleaf Residence, River Green, Promenade Peak, Canberra Crescent Residences, and Artisan 8—accounted for 88.4% of total developer sales in August, underscoring the pivotal role of large launches in driving activity. In contrast, all other projects combined contributed just 11.6%, highlighting the extent to which buyer attention was concentrated on fresh supply.

Springleaf Residence emerged as the top performer with 884 units sold at a median price of $2,166 psf. Over 92% of its units were snapped up during its launch weekend, led by strong demand for two- and three-bedroom units. The project benefitted from limited competing supply in its vicinity, as the next GLS tenders in Upper Thomson and Lentor were not scheduled to launch until later in the year. Its compelling entry pricing and attractive location helped draw both owner-occupiers and investors.

Cumulatively, the market in 2025 has significantly outpaced the previous year. From January to August 2025, developers sold 7,669 units, already exceeding the full-year total of 6,469 units in 2024. This turnaround reflects improved buyer sentiment, the return of larger-scale launches, and stronger participation across both suburban and central locations.

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here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: research@sri.com.sg

Property Insight
11 Sep 2025
Chencharu Close GLS Tender Hits $980 psf ppr, Sembawang Road EC tops bid at $692 psf ppr

Two significant land parcels Chencharu Close (mixed-use) and Sembawang Road (Executive Condominium, EC) both of which drew developer interest and signalled continued confidence in Singapore’s residential market despite current cooling measures.

For Chencharu Close, the top bid of $1.01 billion ($980 psf ppr) came from Evia Real Estate, Gamuda Singapore, and H108 Pte. Ltd., outpacing the second-highest offer by nearly 20%. The consortium, having previously collaborated on OLA and Gem Residences, is experienced in delivering large-scale residential projects. This site, envisioned as a mixed-use development with residential units, commercial space, a bus interchange, and a hawker centre, will be the first of its kind in the Chencharu Estate. The strategic location near Khatib MRT enhances accessibility and is expected to draw steady residential and retail demand.

Meanwhile, the EC site at Sembawang Road was awarded to Oriental Pacific Development (JBE Holdings) at $197.8 million ($692 psf ppr). This represents one of the lowest land bid prices for ECs in recent years, yet the competition remained healthy with four bids received, broadly in line with the average participation rate for EC parcels. JBE Holdings is experienced in the EC segment, having delivered Piermont Grand previously, and their return to the market signals sustained confidence in the hybrid public-private housing model.

The Sembawang Road site is expected to yield about 265 units. Its location near Canberra MRT station, Canberra Plaza, schools, and parks ensures strong appeal among upgraders and young families. 

Click

here

for the full report 

Prepared By:

Mohan Sandrasegeran

Head of Research & Data Analytics

Email: research@sri.com.sg