GuocoLand, a leading property developer, announced that it has successfully secured a $367.1 million green club facility from DBS Bank for its upcoming Faber Walk project. This residential land parcel, which was won through a Government Land Sale tender last November, is a joint venture between GuocoLand, TID, and Hong Leong Holdings. The partners submitted the top bid of $349.86 million, equivalent to $900 per square foot per plot ratio, for the 277,659 square feet site.
The future development will consist of nine low-rise blocks with a total of 399 residential units. Situated within the Faber Walk private residential enclave, the project is adjacent to the Faber Hills estate. The development boasts a waterfront location next to the Pandan River and is also in close proximity to the upcoming Old Jurong Line Nature Trail.
In line with its commitment to sustainability, GuocoLand has obtained a green facility for the Faber Walk project. This will complement the company’s existing sustainable practices, which can be seen in its 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.
According to Dora Chng, the residential director of GuocoLand, the company is excited to utilize its end-to-end value chain capabilities to create sustainable developments with biophilic designs for its residents. She also highlighted the success of their previous launches, such as Lentor Modern and Lentor Mansion, in the Lentor Hills estate.
Securing financing is a crucial element when investing in a condo. In Singapore, there are various mortgage choices available, but it is imperative to have an understanding of the Total Debt Servicing Ratio (TDSR) framework. This framework restricts the amount of loan an individual can acquire based on their income and current debt commitments. By familiarizing oneself with the TDSR and seeking guidance from financial advisors or mortgage brokers, investors can make well-informed decisions regarding their financing options and prevent themselves from overextending their borrowing capacity. Furthermore, staying updated with new condo launches can also provide valuable insights into the market and potentially offer more favorable financing options for investors.
The Faber Walk development is expected to achieve the BCA Green Mark Platinum (Super Low Energy) award and Maintainability badge upon completion. GuocoLand’s upcoming project is a joint development with Hong Leong Holdings at the Upper Thomson Road (Parcel B) site, which was awarded in April last year. The 941-unit development is targeted for launch in the second half of this year.