http://www.straitstimes.com/archive/...abuzz-20140510

New condo could set Faber Hills abuzz

99-year leasehold project may ignite buying interest in area, say analysts

Published on May 10, 2014 1:13 AM

By Cheryl Ong


INTEREST in the tranquil Faber Hills estate in West Coast could pick up soon with the launch of a new condo.

The area is mostly occupied by pricey landed housing and has only had two new launches in the past year, making it one of Singapore's sleepier property spots but this could soon change.

Market watchers believe the launch of Waterfront@Faber, a 99-year leasehold development by Aspial unit World Class Land, could jump-start the neighbourhood's property sales.

DTZ research head Lee Lay Keng said: "As there have not been many new launches in the area, there will be some buying interest."

While there is no MRT station in the area, facilities in the mature housing estate in Clementi and the Jurong Gateway district are nearby and could be draw factors, said consultants.

The official launch of Waterfront@Faber, which comprises 199 units and 11 strata houses, has not been confirmed but buyers were invited to a preview of the showflat earlier this month. Market insiders said it could start selling units next weekend.

Two-bedders are about 700 sq ft to 721 sq ft, three-bedroom units are around 1,033 sq ft and four-bedroom units range from 1,173 sq ft to 1,292 sq ft.

The strata-landed units range from 2,799 sq ft to 3,035 sq ft.

Prices start at $1,100 per sq ft (psf) to about $1,350 psf, making it "slightly below market expectations", said Ms Christine Li, research head at OrangeTee

The nearby Trilinq and NeWest projects that went on the market last year have had units that were sold for higher prices.

The IOI Group's 755-unit Trilinq in Jalan Lempeng has seen about 118 units sold at a median price of $1,509 psf since its launch in March last year.

Completed developments nearby include Hundred Trees, The Infiniti, Botannia, Regent Park and Park West but resale activity has been quiet, with only a handful of transactions, said R'ST Research director Ong Kah Seng.

Only eight units changed hands in the area in the first quarter, with median resale prices ranging from $813 psf to $1,198 psf.

The 396-unit Hundred Trees, which obtained its temporary occupation permit last year, had five sub-sale transactions

On the leasing front, the estate is popular with Japanese and Korean expatriates because of its proximity to the Japanese Kindergarten and Secondary School, the International Community School and the National University of Singapore. Expats working in the nearby one-north district and International Business Park also favour the estate.

Rising property prices have sent rental yields from 5.4 per cent in the first quarter of 2009 to 3.6 per cent in the first quarter of this year.

But Ms Lee said the smaller supply of units in the area will see healthy leasing demand. "Investors will face less competition for tenants," she said.

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