GuocoLand's new project Faber Residence starts at a price of 1,995 yuan per square meter | Lianhe Zaobao

The local property market has recently become active again. Following the launch of Skye at Holland on Holland Road last week, a new private residential project is being launched this week. Faber Residence, located in Clementi, will begin its preview event on Friday (October 3), with unit prices starting at SGD 1,995 per square foot. This project consists of nine five-story residential buildings, with a total of 399 units, covering approximately 25,795 square meters. The project is close to several educational institutions, including the National University of Singapore, Ngee Ann Polytechnic, and Nan Hua Primary School, as well as the International Business Park and Jurong Lake District. Additionally, it is just a few minutes' drive from the Ayer Rajah Expressway and the Pan-Island Expressway. Faber Residence is developed in collaboration by GuocoLand, Hong Leong Holdings, and TID. GuocoLand Group President Cheng Xin Yao hosted a media preview event for the new project on Tuesday (September 30) and stated that the project's proximity to several well-known educational institutions and business centers makes it quite attractive to residents and investors. Further Reading Skye at Holland attracted over 8,000 visitors during its preview weekend Non-landed private home resale prices rose 0.3% month-on-month in August In terms of pricing, the two-bedroom, three-bedroom, four-bedroom, and five-bedroom units at Faber Residence are priced starting from SGD 1.29 million, SGD 1.59 million, SGD 2.39 million, and SGD 3.19 million, respectively. Among these, three-bedroom units account for 50%; four-bedroom and two-bedroom units account for 25% and 20%, respectively; and five-bedroom units account for 5% Focus on Long-term Buyers, Unfazed by Economic Slowdown As trade barriers rise significantly and policy uncertainty increases, global economic growth is slowing down. When asked whether he is concerned that this will impact demand for new projects or sales, Zheng Xinyao responded that this year, the global economy is full of uncertainties, which may more or less affect some buyers' purchasing interest. Nevertheless, he pointed out that Faber Residence primarily targets owner-occupiers, who are not overly influenced by short-term economic fluctuations when buying a home, but rather focus on lifestyle, budget, career planning, and livability. "These buyers have a long-term perspective and are our main sales targets." When asked about the impact of building material costs on the profitability and margins of new projects, Zhuang Ailing, General Manager of Residential Sales at GuocoLand, said that although building material costs have risen in recent years, they have now stabilized, thus having a limited impact on new projects. Faber Residence is expected to be completed in 2029