HDB launches tender for first site since tightened EC rules, at Canberra Drive
Against this backdrop, Huttons Asia chief executive officer Mark Yip expects the Canberra Drive site to function as a “litmus test” of property developers’ trust adhering to the policy change. He includes that the tighter policies can tighten the pool of second-time customers and possibly extend the sell-out period for future EC projects.
At The Same Time, Huttons Asia’s Yip expects approximately five proposals for the Canberra Drive site, noting that its “bite-size quantum” could offer reduced threat to designers. He estimates the highest possible bid rate to range between $630 to $700 psf ppr.
That said, Yip believes that the Canberra Drive website can still see passion from designers due to its appealing locational attributes. Canberra MRT Terminal, on the North-South Line, is located within walking range of the site, while schools such as Sembawang Primary School and Wellington Primary School are located within a 1km radius.
An executive condo (EC) spot at Canberra Drive has been released for sale under the Confirmed List of the 1H2026 Government Land Sales (GLS) programme. The 99-year leasehold EC site spans 124,167 sq ft and is expected to generate approximately 185 new non commercial units.
He anticipates three to 4 bidders for the site, and anticipates the top proposal to follow in at approximately $600 to $700 psf ppr.
The tender for the EC area at Canberra Drive will shut off on Oct 1, 2026.
“This is the very first EC GLS site to be put out to tender since the most recent measures on EC acquisitions were revealed on May 8,” says Eugene Lim, key executive officer of ERA Singapore. The steps consist of extending the minimum occupation period to one decade, getting rid of the Deferred Payment Scheme, and raising first-timer priority at new EC launches.
“Offered the highly attractive location of this Canberra Drive place, which is reasonably closer to amenities than the earlier plot, we expect developer interest for this location to be well-balanced,” mentions Quek.
The last GLS location that was granted in that location was in September last year, when Oriental Pacific Holdings submitted the greatest of four proposals at $692 psf per plot ratio (ppr), or $198 million, to secure the EC spot at Sembawang Roadway.
Additionally, Justin Quek, deputy team chief executive officer of Realion (OrangeTee & AND SO ON) Group, expects the website to garner developer interest as a result of the potential suppressed need for EC units in the location.
Period Singapore’s Lim includes that the loved one comfort of the Canberra Drive site might boost its appeal to both developers and future customers, especially as EC websites are usually situated in much less central locations.
