Faber Garden relaunches collective sale with same $1.18b reserve price
Faber Garden is relaunching a collective sale exercise today at the same reserve price of $1.18 billion at which its first attempt closed without a sale six months ago.
The public tender will close at 3 pm on Oct 31.
The collective sale committee (CSC) minutes noted that members "reached a unanimous consensus" to relaunch the tender, "in view that there is no competing land supply around the same vicinity as Faber Garden".
The 236-unit freehold condo in Angklong Lane is near the Central Nature Reserve amid good class bungalows, landed housing and private condominiums, as well as the Bright Hill MRT station expected to open in 2021.
With a site area of 544,738 sq ft, the 34-year-old condo has a plot ratio of 1.6 and a height control of 12 storeys.
"Faber Garden was valued at $1.16 billion. The CSC didn't get back to us to lower the reserve price as the difference between the two prices is too small.
"Besides, there is a risk of not getting the 80 per cent in time," a Faber Garden resident told The Straits Times.
With an 80 per cent mandate and at the same reserve price, the CSC can relaunch for tender before the collective sale agreement expires on March 21, 2019.
The owners stand to get a gross payout of between $4.38 million and $6.75 million, and the three commercial shop units between $1.99 million and $4.83 million.
Marketing agent Galven Tan, CBRE's executive director, capital markets, said: "While developers have become more selective with land acquisitions after the latest round of cooling measures, centrally located sites such as this site are rare." - THE STRAITS TIMES
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