Canberra Drive EC tender draws 13 bids despite tighter rules

The wide bid range revealed uncertainty over recent policy changes.

The Canberra Drive executive condominium (EC) site attracted 13 bids, as its proximity to an MRT station and relatively modest development size outweighed concerns over tighter ownership rules, according to property experts.

The highest offer of $163.9m, or $825 psf per plot ratio, came from a consortium comprising SNC3 Realty, HS Invesco and Kay Lim Realty.

If awarded, it would set a new record land rate for an EC government land sale site, exceeding the previous high of $794 psf ppr for the second Woodlands Drive 17 plot by 3.9%.

The site, which could yield about 185 homes, drew the most bidders for an EC plot since the Sumang Walk tender received 17 bids in 2018.

Huttons Asia CEO Mark Yip described the highest offer as a benchmark bid. He said the site’s small size and lower overall investment opened the tender to a wider range of developers.

The plot is less than 300 metres from Canberra MRT station and is near Bukit Canberra, Canberra Plaza and Sembawang Shopping Centre. Sembawang Primary School and Wellington Primary School are also within 1 km.

Realion Deputy Group CEO Justin Quek said the site was the most attractive of three recent EC plots in Sembawang because it was the closest to the MRT station and surrounding amenities.

He added that location could become increasingly important to buyers after the EC minimum occupation period was extended to 10 years.

The tender was the first for an EC site to close under both the tighter rules announced in May and the higher $18,000 monthly household income ceiling introduced subsequently.

Analysts said the changes pulled demand in different directions. The higher ceiling widened the eligible buyer pool, but the longer occupation requirement and removal of the deferred payment scheme could make some buyers more cautious.

PropNex Head of Research and Content Wong Siew Ying said the policy changes did not deter developers from participating, although the spread of bids suggested that they had yet to agree on their likely impact.

The highest bid was about 2.8% above the second offer of $803 psf ppr, which was followed closely by a third bid of $798 psf ppr. The other offers ranged from $623 to $770 psf ppr, alongside a substantially lower bid of $361 psf ppr.

PropNex noted that seven bids were below the $692 psf ppr paid for the nearby Sembawang Road EC site in 2025, suggesting that some developers had adopted more cautious assumptions.

The agency estimated that the Canberra Drive project could achieve an average selling price of around $1,900 psf if the site is awarded at the highest bid.

Analysts expect the project to attract buyer interest because of its transport links, established amenities and expanded pool of eligible households.

The tender for a larger EC site at Admiralty Walk will close on 17 December, providing another indication of how developers are valuing EC land under the revised policy framework.

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