Waterfront @ Faber Review

Project:Waterfront @ Faber Review
District:D21 Central West
Region:Outside Central Region (OCR)
Address:Faber Walk
Tenure:99 Year Leasehold from 17 Sept 2013
Site Area:162,810 sqft ; 15,125 sqm
No. of Units:199 apartments and 11 strata houses
Expected T.O.P:July 2018
Developer:World Class Land Pte Ltd
PSF ($):1100 - 1350
Information to Note

19 May 2014 update: Waterfront @ Faber has sold 80 units out of a development total of 210. Fairly impressive considering its private location. 

When we first saw the name Waterfront @ Faber, we thought that the project would be somewhere in the prestigious Mount Faber district in the prime southern region of Singapore. Instead, the development is located at the edge of Clementi town at the similarly (and confusingly) named Faber Walk.

Located deep inside a private estate, alongside Sungei Ulul Pandan, Waterfront at Faber will comprise of 199 apartments and 11 strata houses. Developed by World Class Land Pte Ltd, which is a pretty decent developer in our memory, this project should attract some interest from buyers in the west part of Singapore, though the location is really for buyers who value quiet and privacy over convenience.

The Waterfront @ Faber showflat will be open from the 1st of May 2014, Thursday.

If you would like to purchase a unit at the Waterfront @ Faber development through our team after reading our review, or you have a question that we have not answered in our review, do drop us a call/SMS at 9081-5456 or email us at contactus@propersquare.com and we will get in touch with you shortly.

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External (Location)

The Waterfront @ Faber is fronted by Sungei Ulu Pandan (Sungei meaning river in the Malay language), the Faber Crest condominium and private housing. The entire area consists of low lying private housing and the area opposite Sungei Ulu Pandan is currently a forested area though it is marked as a reserve site which means it could be rezoned in the future again (we think this is highly likely as a new road Business Park Drive has already been built in the area).

The waterfront here is definitely not something along the likes of which you will get in Punggol New Town where the Government has spent millions to create and beautify the waterways and create a waterfront town. Instead, what residents here will get is Sungei Ulu Pandan, which is a river / canal that actually connects to the sea in the southern part of Singapore. There has been minimal work or future plans to beautify the canal. Thus, residents should not expect to be doing any water sports or anything of the sort along this ‘waterfront’ anytime soon. There is a nice park connector trial along Sungei Ulu Pandan which can bring you to Pandan Reservoir (roughly 1km away) though.

A new linear park is in the plans at Faber Walk, which will directly benefit Waterfront @ Faber residents. Other than this, there are no other developments that might significantly impact Waterfront residents.

Here is the Masterplan from the horse’s mouth itself (URA): 

 

 

Amenities

There is a mini mart at the Faber Crest condominium and some restaurants and small shops at the ground floor of the Faber Hills Apartments. And that pretty much sums up the amenities you are going to get within a reasonable walking distance.

There is Clementi Central beside Clementi MRT located four bus-stops away. There are many, many shops located along the ground level of the HDB blocks here and also the five stories (including one basement level) Clementi Mall which comes with an NTUC Finest supermarket, a public library and a 24 hours Macdonalds’ and many of the other modern conveniences you would associate with a modern day mall.

Jurong Gateway next to Jurong East MRT is 7 bus stops away and houses three shopping malls currently, which should satisfy most or all of your grocery and daily needs. However, the frequency of arrival of buses are often quite long during off peak hours, and to be honest, seven bus stops is not a near distance by our own measure.

 

Schools

There are a limited number of (primary) schools in the area. The Waterfront @ Faber should land just inside the 1km radius stipulated by MOE to have priority entry during phase 2C registration for Nan Hua Primary though we have heard that is one hot primary school. Even if you are in the 1km radius, there is no guarantee of entry.

Schools in the vicinity:

  • Clementi Primary School
  • Nan Hua Primary School
  • Pei Tong Primary School
  • Qifa Primary School
  • Clementi Town Secondary School
  • Clementi Woods Secondary School
  • Nan Hua High School
  • NUS High School
  • Anglo Chinese Junior College
  • Singapore Polytechnic

The National University of Singapore (NUS) campus is located about six bus stops down the AYE towards the city direction. 

 

Transport (MRT/Buses)

For public transport, residents will be limited to the bus stop opposite The Infiniti (B20039) and its opposite sibling bus stop The Infiniti (B20031) which is across an overhead bridge. The nearer bus stop in the direction of Clementi / City is roughly a 200m walk away via Faber Walk. Add another two minutes for the overhead bridge crossing to get to the opposite side of the AYE. There are four buses that call at these bus stops. Basically, public transport options will be limited to these two bus stops unless you do not mind (which we mind!) taking a roughly one kilometre hike to either Commonwealth Avenue West or Clementi Avenue 6. 

Bus Service

From / To

Frequency

Areas served

97

Jurong East Int / Marina Ctr Ter

05 – 15 mins

Jurong Town Hall Rd, AYE, Alexandra Rd, Telok Blangah Rd, Keppel Rd, Tanjong Pagar, Marina Bay

154

Boon Lay Int / Eunos Int

05 – 19 mins

Lakeside, Chinese Garden, Jln Ahmad Ibrahim, AYE, Clementi, Dunearn Rd, Toa Payoh, Macpherson,

197

Bedok Int / Jurong East Int

08 - 18 mins

Marine Parade, Tanjong Katong , Geylang, North Bridge Rd, Chinatown, Jln Bkt Merah, AYE, Clementi

198

Boon Lay Int / Bt Merah Int

04 – 16 mins

Jurong West Ave 1, Jurong Town Hall Rd, AYE, Nth Buona Vista, Commonwealth Avenue, Queensway

 Buses 154 and 197 will bring residents to Clementi MRT station where they can board the East-West MRT train services towards town (15 minutes to Outram Park station and 21 minutes to City Hall station) or the Tuas direction (5 minutes to Jurong East station and 17 minutes to Joo Koon). One potential problem is the low frequency of buses (up to 19 minutes) during off peak hours, but with the advent of phone apps that can predict the arrival timings of buses, the problem should be slightly alleviated. (We use the SG Buses app ourselves)

Public transport options are still passable (thanks to the bus stop along the AYE) considering how deep in the project is inside the Faber Walk private estate. There is no doorstep MRT but the bus services that call at the nearest bus stop do a pretty decent job of bringing you to the MRT and other places.

 

Driving

Vehicular access is via Jalan Lempeng form Clementi Avenue 6 or Commonwealth Avenue West. From Clementi Avenue 6, there is easy access to the AYE or PIE expressways, though you would have to make a U-turn if you intend to access the AYE. Drivers should not face much problems in accessing other parts of the island except for the longer distances to the north and east side of Singapore, which is what you would expect when living in this Central West area. 

 

Summing up the location, the Waterfront @ Faber is located deep inside the Faber Walk private estate alongside Sungei Ulu Pandan. You will get a quiet place with a high degree of privacy. In exchange, you get little in the way of amenities within walking distance. Yet, public transportation access is not as bad as you would expect due to a bus stop located along the AYE expressway. 

 

External (Pricing)

The developer, World Class Land under Aspial Corporation Ltd, has a good record of selling its developments quickly. From its beginnings as Lee Hwa Goldsmiths & Jewellers Pte Ltd in 1970, Aspial Corporation Ltd has grown to become a company that includes jewellery retail (Lee Hwa), property development(World Class Land) and financial service(Maxi-Cash). Developments under its belt include the sell-out 60yr leasehold Hillford retirement resort, Urban Vista at Tanah Merah, Kengsington Square at Upper Paya Lebar and East Village at Upper Changi Road.

All of their developments sold quickly due to their being mass market developments in convenient locations and because (we believe) the market felt that the asking prices were reasonable. (Though we felt differently for The Hillford)

Indicative Pricing for Waterfront at Faber is as follows:

The most direct comparison we can make for Waterfront @ Faber is its next door neighbour Faber Crest. Completed in 2001, the 99-year LH Faber Crest which consists of 360 units spread over 13 four-storey buildings, has been selling for $813 to $1,052 psf with an average of $950 psf in the last six months. Historical psf high and low for Faber Crest are $1,057 made in July 2013 and $347 made in November 2003 respectively.

The next nearest neighbours are The Trilinq (Est TOP 2017), Park West (completed 1986) and Regent Park (completed 1998) cluster located at Jalan Lempeng. The Trilinq which has seen languishing sales figures due to its relatively high asking price compared to its older neighbours, Park West and Regent Park, has only seen 16 percent of the development sold since launching in March 2013. 

The developers for Waterfront @ Faber are asking for a lower starting psf pricing than The Trilinq despite a higher psf ppr land cost than The Trilinq. They must have learnt something from the Trilinq project and pricing. We wonder if the fate that has befallen The Trilinq will strike again at the Waterfront @ Faber project. Both being 99 year LH projects, and almost similar in psf pricing, there is a chance that sales figures might actually mirror that of The Trilinq. We are not so confident that the developer’s track record of selling out units quickly can be maintained here at Waterfront @ Faber, since the Trilinq has sold so badly despite being at a (we think) slightly better site.

For Waterfront @ Faber, the developers managed to win the land site with a bid of $156.7 million in July 2013, which translates to a psf ppr of $687. This is higher than the $408 million or $555 psf ppr that IOI Properties paid for the Trilinq site in 2012. We do think either IOI is very sticky (and greedy) with its pricing or World Class Land is getting by with very little profit margin for the Waterfront project since the difference in their land cost is almost $130 psf ppr and yet they are selling at almost the same starting psf. Definitely something note-worthy.

Further down, we have the Hundred Trees and Newest projects on 999-year leasehold land located between West Coast Drive and the AYE. 

Summing up, we do not think the indicative pricing right now is very competitive. Especially with so many competing developments in the vicinity (some of them freehold), we think the Waterfront @ Faber might face demand issues despite the so-far solid track record of its developer.  

 

Development (Unit)

We will not be covering the units in detail for this development. However, we will be going through a few pointers from what we have observed from the floor plans.

Key things to note:

  • There are no 1 bedroom units in this development, though there are dual key units. Starting size is a 2 bedroom unit from 700sqft. That should translate to estimated starting prices of 700sqft * $1,130 = $847,500
  • All units have a household shelter and a loft in the study room (the study is actually your bedroom à la loft style)
  • For two bedroom units, the entire unit shares a single dual entry bathroom
  • 2 AC ledges! What’s with the recent two AC ledges trend we wonder? (The Panorama too!)

Overall, the units have a good layout and ceiling height is at a generous 3 meters for the living and bedrooms for most units.

If you have any further questions about the units or their layouts, do let us know and we can arrange for a viewing for you with our marketing team!

 

Development (Building)

Bordered by the Faber Walk private estate, Faber Crest and Sungei Ulu Pandan, and a current empty plot of residential zoned land, the Waterfront @ Faber project is located in a tranquil private neighbourhood, though further off, you would be able to find some light industrial areas along the West Coast area. There are heavy industries located along Jalan Buroh to the south of Pandan Reservoir which means that buyers who are extremely concerned about air quality should do well to avoid this area altogether (Get something along the east coast or somewhere nearer to town, we would suggest. Because generally the western area is zoned for industrial use and due to Singapore’s very limited size, it is fairly impossible to put a great distance between the residential and industrial areas).

The five storey height of the buildings at Waterfront should offer very limited views for most units though they will be unblocked due to their being located in a low rise private estate.

The facilities are pretty run of the mill. Nothing exceptional and nothing important that seems to be amiss as well. Maintenance fees will be in the reasonable region of $200 onwards for the two bedders (to be confirmed). There will also be two side gates to access the Sungei Ulu Pandan park connector.

 

Final Thoughts/ Summary

The Waterfront @ Faber located at the edge of Clementi town is really for buyers who value privacy and quiet over convenience and buyers should not be expecting a beautiful waterfront as denoted by the waterfront name (Sungei Ulu Pandan is still a undeveloped river / canal). Its location in the west of Singapore means that it will be near to industrial areas though this statement uniformly applies to almost all residential projects in the west side of Singapore (the recent Lakeville included). Surprisingly, transport is not as bad as you might think for a place so deep inside a private estate because of a bus stop along the AYE expressway (Clementi Central and Jurong Gateway are 4 and 7 bus stops away respectively from these AYE bus stops).

Inside, the units have good layout and the high ceilings should give a sense of spaciousness, though the presence of a household shelter and TWO aircon ledges detracts from that quite a fair bit.

Pricing seems to be a bit off if we take the Trilinq as reference, though the developer does have a solid record of selling its developments. But this is the first time we have seen World Class Land sell a project in such a private location and we will be watching this project with much interest.

On a end note, if you are interested in purchasing this property, do let us know via contactus@propersquare.com or 9081-5456 and our team will help you evaluate your options further. At the same time, your property purchase through us will help us to keep this review site running and make the property landscape a better one for everyone!

 Sincerely,

 Team ProperSquare

 Ciao till the next review!

Reviewed on 30 April 2014
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