GuocoLand has recently secured a green financing facility worth $367.1 million from DBS Bank for the development of its Faber Walk site. The residential land parcel, which was awarded to GuocoLand and its joint venture partners TID and Hong Leong Holdings through a Government Land Sale tender last November, will see the construction of 399 residential units spread across nine low-rise blocks. With a land area of 277,659 square feet, the partners had emerged as the top bidder with a bid of $349.86 million, translating to $900 per square foot per plot ratio.
The upcoming development is located in the Faber Walk landed private residential enclave, next to the Faber Hills estate. It boasts a waterfront location, adjacent to the Pandan River, as well as the soon-to-be-completed Old Jurong Line Nature Trail. In line with its commitment to sustainable development, GuocoLand has obtained a green facility for this project, adding to its existing portfolio of green initiatives in other developments such as Wallich Street’s Guoco Tower, Beach Road’s Guoco Midtown, Tan Quee Lan Street’s Midtown Modern, and Lentor Mansion in Lentor Gardens.
Obtaining financing is a crucial element of investing in a condominium. In Singapore, there are various mortgage choices available, but it is important to be familiar with the Total Debt Servicing Ratio (TDSR) framework. This framework sets a cap on the amount of loan a borrower can take, taking into consideration their income and existing debt responsibilities. To avoid overextending oneself, it is crucial for investors to comprehend the TDSR and to seek guidance from financial advisors or mortgage brokers. Additionally, staying updated on New Condo Launches can also aid in making informed financing decisions.
The Faber Walk development is expected to be awarded the BCA Green Mark Platinum (Super Low Energy) award and Maintainability badge upon completion, further solidifying GuocoLand’s reputation as a developer committed to sustainability. Dora Chng, the residential director of GuocoLand, expresses excitement about the project, stating that they will utilize the group’s end-to-end value chain capabilities to create sustainable developments with biophilic designs, similar to the successful launches of Lentor Modern and Lentor Mansion in the Lentor Hills estate.
GuocoLand’s next project is a 941-unit development in its Upper Thomson Road (Parcel B) site, awarded in April last year. Together with Hong Leong Holdings, the development is slated for launch in the second half of this year.