The Waterfront@Faber condominium project could kickstart the sleepy property market at West Coast’s Faber Heights estate, a community mostly dominated by pricey landed homes, according to media reports quoting experts.
Consisting of 199 units and 11 strata homes, the 99-year leasehold development by Aspial Corporation’s subsidiary World Class Land will be built in the area, where there were only two new projects in 2013.
“As there have not been many new launches in the area, there will be some buying interest,” said DTZ Research Head Lee Lay Keng.
Experts also pointed out that although there is no MRT station in Faber Heights, amenities in nearby Clementi and the Jurong Gateway could attract buyers.
Although the project’s official launch has not been announced, buyers were invited to preview the showflat earlier this month. Sources also revealed that the developer could start selling the units next weekend.
Waterfront@Faber will offer two-bedroom units ranging from 700 to 721 sq ft, three-bedders of about 1,033 sq ft and four-bedroom units within 1,173 to 1,292 sq ft. The strata-landed houses are between 2,799 and 3,035 sq ft.
These units are priced from around $1,100 to $1,350 psf, making them “slightly below market expectations,” noted OrangeTee’s Research Head Christine Li.
Units at the two projects launched last year — NeWest and Trilinq – were sold at higher prices. In fact, IOI Group’s 755-unit Trilinq in Jalan Lempeng found buyers for around 118 units at a median price of $1,509 psf since its launch in March 2013.
Meanwhile, leasing demand in Faber Heights is expected to remain robust due to the lack of supply. “Investors will face less competition for tenants,” Lee added.
However, property prices have caused rental yields to slip to 3.6 percent in Q1 2014 from 5.4 percent Q1 2009.
Muneerah Bee, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
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