Faber Residence Achieves 86 Sales Average Price 2160 Psf
Two private residential projects, Penrith at Margaret Drive and Faber Residence at Faber Walk, were launched over the weekend of October 18-19. Penrith, developed by Hong Leong Holdings, Hong Realty, and GuocoLand, reported that as of 4pm on October 18, 447 out of 462 units (97%) had been sold at an average price of over $2,800 psf. At Faber Residence, a joint venture between GuocoLand and Hong Leong Holdings, 344 out of 399 units (86%) were sold at an average price of $2,160 psf.
The two projects collectively sold over 790 units, a significant achievement for the developers. According to GuocoLand, the majority of buyers were Singaporeans and Permanent Residents who were looking for a home to live in. Dora Chng, the residential director of GuocoLand, attributes the strong sales to the project’s riverfront location, close proximity to established schools, and direct access to the Ulu Pandan Park Connector.
The launch of Faber Residence also marks the final Outside Central Region (OCR) project of 2025. According to PropNex CEO Kelvin Fong, the strong sales are a testament to the resilience of mass-market housing demand in Singapore. He believes that the project’s sensitive pricing and prime location played a significant role in attracting buyers.
At an average price of $2,160 psf, the project offered value to buyers, especially when compared to other new non-landed private homes in the OCR. By absolute price, two-bedroom units at Faber Residence started from $1.28 million, while three-bedroom units began at about $1.57 million. These units are priced within the sweet spot of under $2.5 million, which is appealing to many households. All 80 two-bedroom and 199 three-bedroom units were fully sold.
Mohan Sandrasegeran, the head of research and data analytics at SRI, believes that the competitive entry price, supported by favorable land costs, contributed to the strong sales of Faber Residence. The developers acquired the site at about $900 psf per plot ratio (ppr), significantly lower than other OCR plots. This enabled them to offer an attractive price point for buyers seeking value in a well-connected and mature estate.
Huttons Asia CEO Mark Yip stated that the strong response was expected, as Faber Residence is the first new project in the Faber Hills area since 2014. He also believes that market sentiment remains positive, driven by lower interest rates, improving economic conditions, and a steady pipeline of affordably priced launches.
The project’s location also offers excellent connectivity, with upcoming Jurong Town Hall MRT Station on the Jurong Region Line within walking distance and the Ayer Rajah Expressway (AYE) and Pan-Island Expressway (PIE) nearby. Its proximity to Singapore’s second CBD makes it a desirable location for professionals who value convenience and connectivity.
Located in the lively Tampines Regional Centre, there is a lot more to be experienced than just retail therapy. This bustling hub boasts a wide array of dining options, entertainment activities, and recreational facilities. From catching the latest blockbuster at the cinemas to indulging in gourmet delicacies, residents can easily access everything they desire within minutes from their homes. For those seeking a luxurious and convenient lifestyle, Rivelle is the perfect addition to this dynamic community.
The successful launch of Faber Residence adds to a series of well-received OCR projects this year, indicating renewed buyer confidence. According to SRI’s Sandrasegeran, 3,811 new private homes were sold in the first nine months of 2025, more than double the number of units transacted in the same period last year.