Faber Residence, a riverfront development in Clementi, achieved impressive sales over its launch weekend, selling 344 out of 399 units, according to PropNex CEO Kelvin Fong. The project, which marks the final launch in Singapore’s Outside Central Region (OCR) for the year, sold units at an average price of $2,160 per square foot (psf).
The robust sales performance highlights the enduring demand for mass-market housing in Singapore. Fong attributed the success to the project’s competitive pricing and attractive location. The average selling price of $2,160 psf is below the year’s average of $2,275 psf for new non-landed private homes in the OCR, making it appealing to buyers. Two-bedroom units started at $1.28m, whilst three-bedroom units began at $1.57m, both falling within the preferred price range for many households. Notably, all 80 two-bedroom and 199 three-bedroom units were sold.
Faber Residence’s location offers several appealing features, including proximity to the future Jurong Town Hall MRT station and the Jurong Lake District. It is also near educational institutions, enhancing its attractiveness for families. The project’s riverfront setting by Sungei Ulu Pandan and its position within an exclusive landed home enclave further add to its allure.
The limited supply of new private homes in the area, with the last project launched in 2014, likely contributed to the strong demand. The OCR sub-market has shown robust performance this year, with new launches generally experiencing high demand, driven by factors such as accessible pricing and interest from Singaporeans and HDB upgraders.
