# Future Sembawang EC Could Offer A More Competitive Price Despite The New 10-Year MOP

- **Source:** Stacked Homes
- **Published:** 2026-07-01T05:34:17.000Z
- **Author:** Timothy Tay
- **Original:** https://stackedhomes.com/admiralty-walk-ec-tender-launched/
- **Topics:** Private Residential, Commercial & Industrial, New Launches

## Featured rationale

Limited connectivity, competing northern EC supply and the new 10-year MOP may restrain developer bids, potentially allowing greater launch-price flexibility for affordability-sensitive buyers.

## AI summary

The 138,782 sq ft Admiralty Walk EC site could yield 450 units, with analysts forecasting cautious bids around $590 to $700 psf ppr.

## Original article

The tender for a new Executive Condominium (EC) site at Admiralty Walk was launched on June 30. This government land sale (GLS) site is the second EC plot that the government has released for sale after it rolled out significant changes to the EC scheme last month.

Nearly all of the EC sites launched for sale by the government in recent years have attracted strong developer participation, which has led to competitive land bids that contribute to the overall increase in EC prices over the past two- to three-years.

However, most market analysts believe that the 138,782 sq ft plot along Admiralty Walk, with its less than compelling locational attributes, could see most developers approach this tender cautiously.

The site has a gross plot ratio of 3.5, and if it is developed could yield up to 450 EC units. However, it is one of the furthest residential sites from the nearest MRT station, Sembawang MRT station on the North-South Line, and is actually closer to the industrial cluster at Senoko and Woodlands.

Wong Siew Ying, head of research and content at PropNex Realty, points out that it is more than 1km from Sembawang MRT station with a limited range of nearby amenities.

“Although its long frontage along Sungei Sembawang on one side may provide a waterfront character to the development, we note that some homes may potentially have orientation towards industrial areas in Senoko and Woodlands,” she says.

On the other hand, at least four new Build-To-Order (BTO) projects have been launched in that neighbourhood, including two that were part of the June 2026 BTO sales exercise. The 1,160-unit Sembawang Brook and the 875-unit Sembawang Portico.

Other new BTO developments in the vicinity are the 1,173-unit Sembawang Voyage and the 777-unit Sembawang Deck. Both developments were part of the February 2026 BTO sales exercise.

Justin Quek, Deputy Group CEO of Realion (OrangeTee & ETC) Group, says that the development of these new BTO projects will come with more amenities to meet the needs of future residents. Some of the planned amenities include an eating house, a minimart, new HDB shops, and preschools.

PropNex notes that a nearby plot in Admiralty Lane (in blue) has been earmarked for commercial and residential use, which will provide more amenities to future residents when it is developed. (Map: URA)

But the application rate for these four Standard classification BTO projects has been relatively muted, which suggests that owner-occupiers may be less drawn to this location compared to other towns where HDB has launched other BTO projects, says Wong.

At the end of the recently concluded June 2026 BTO sales exercise, Sembawang Brook and Sembawang Portico received the lowest application rates for its three-, four-, and five-room flats. We analyse the take up rate in this article, and how it reflects homeowner preferences.

A reason why some buyers may be turned off by the new BTO projects in Sembawang North is the pipeline of launch-ready ECs in Woodlands. We expect to see the launch of an EC project along Woodlands Drive 17 by Sim Lian Group before the end of this year, as well as another EC project along Sembawang Road by Oriental Pacific Holdings.

“Together, these developments could inject an estimated 685 EC units into the North. Second‑timers are also likely to show keen interest in these launches, since they are not covered under the new EC measures, which prioritise first‑timers for up to two years,” says Eugene Lim, Key Executive Officer of ERA Singapore.

He adds that given the expanding EC pipeline in the North, developers are likely to assess the new EC site at Admiralty Walk more selectively against other available GLS opportunities. “This caution reflects not only its limited connectivity and convenience, but also a shifting EC launch landscape under the newest measures,” says Lim.

One of the changes to the EC scheme is that EC buyers are subject to a longer 10-year minimum occupation period (MOP), up from the previous five-year limit. Wong of PropNex says that prospective EC buyers and households may place an even greater emphasis on factors such as connectivity, surrounding environment, and availability of amenities when choosing an EC project.

The tender for this EC site at Canberra Drive could attract a top bid of $700 psf ppr when it closes on October 1.

Developers will likely wait and see the outcome of an EC site along Canberra Drive for an indication of where land prices for EC sites may lead in the future. Both plots are located in the Sembawang planning area, and could draw from the same pool of EC first-timers and HDB upgraders living nearby

The tender for the 124,166 sq ft site along Canberra Drive will be the first new EC where owners will face the lengthy 10-year MOP and other stringent ownership restrictions. Property analysis predicted that the site could attract up to four bids, with a possible top land bid of $700 psf per plot ratio (ppr). That tender closes on October 1.

In the case of the Admiralty Walk EC site, Lim says that developers may bid more cautiously to preserve their pricing flexibility (i.e. the launch price of the new project), especially as affordability becomes a growing priority for future EC buyers. “This is due to stronger first-timer participation and the removal of the Deferred Payment Scheme, which could make buyers more price-sensitive at launch,” he says.

ERA predicts that the tender for the Admiralty Walk GLS site could see up to three bidders, with offers hovering around the $600 to $700 psf ppr mark. “However, this could shift depending on the response to Canberra Drive, which will provide a clearer benchmark for EC land pricing and developer appetite for northern sites,” says Lim.

Meanwhile, PropNex believes caution will prevail among developers participating in this tender, in order to give them more pricing flexibility when the project is launched for sale. Thus, it could garner three to four bids with the top bid price potentially ranging from around $590 to $640 psf ppr.

The tender of the EC site at Admiralty Walk closes on December 17.

## Chinese translation

> Translation model: grok_cli

### 尽管实施新的10年最低居住年限，未来三巴旺执行共管公寓或仍能提供更具竞争力的价格

位于Admiralty Walk的新执行共管公寓（EC）地段招标于6月30日启动。这块政府售地（GLS）是政府在上月推出对EC计划的重大……之后释出的第二个EC地块。

位于Admiralty Walk的新执行共管公寓（EC）地段招标于6月30日启动。这块政府售地（GLS）是政府在上月对EC计划推出重大调整后，所释出的第二个EC地块。

近年来政府推出的几乎所有EC地段都吸引了开发商的积极参与，竞争激烈的地价出价也推高了过去两到三年EC整体售价。

不过，多数市场分析师认为，Admiralty Walk沿线这块138,782平方英尺的地块，由于区位条件不够突出，多数开发商可能会以谨慎态度参与此次招标。

该地块总容积率为3.5，若开发最高可建约450个EC单位。然而，它是距离最近地铁站——南北线三巴旺地铁站——最远的住宅地段之一，实际上更靠近Senoko与兀兰一带的工业集群。

合登产业（PropNex Realty）研究与内容主管Wong Siew Ying指出，该地距三巴旺地铁站超过1公里，周边配套也相对有限。

她说：“尽管其一侧沿Sungei Sembawang有较长临河界面，可能为项目带来滨水特质，但我们注意到，部分住宅单位的朝向可能面对Senoko与兀兰的工业区。”

另一方面，该邻里已至少推出四个新的预购组屋（BTO）项目，其中包括两位于2026年6月预购组屋销售中推出的项目：1,160个单位的Sembawang Brook，以及875个单位的Sembawang Portico。

附近其他新建预购组屋项目还有1,173个单位的Sembawang Voyage，以及777个单位的Sembawang Deck。这两个项目均属于2026年2月预购组屋销售。

瑞联（OrangeTee & ETC）集团副集团首席执行官Justin Quek表示，这些新预购组屋项目的开发将带来更多配套，以满足未来居民需求。部分规划中的配套包括食阁、迷你超市、新建HDB商铺，以及学前教育机构。

合登指出，附近Admiralty Lane的一块地段（图中蓝色标示）已被划作商业与住宅用途，开发后将为未来居民提供更多配套。（地图：市区重建局URA）

但Wong表示，这四个标准分类预购组屋项目的申请率相对平淡，显示自住买家对这一地段的兴趣可能不及建屋发展局在其他市镇推出的预购组屋项目。

在近日结束的2026年6月预购组屋销售中，Sembawang Brook与Sembawang Portico的三房、四房和五房式申请率均为最低。我们在本文分析了认购情况，以及其如何反映业主偏好。

部分买家可能对三巴旺北这些新预购组屋项目兴致不高的一个原因，是兀兰一带已有即将推出的EC项目储备。我们预计，由森联集团（Sim Lian Group）开发、位于Woodlands Drive 17的一个EC项目将在今年年底前推出；另有由Oriental Pacific Holdings开发、位于Sembawang Road的另一个EC项目。

新加坡ERA Key Executive Officer Eugene Lim表示：“合计来看，这些项目可能向北部注入约685个EC单位。二次购屋者也很可能对这些项目表现出浓厚兴趣，因为他们不受新EC措施覆盖——新措施在最多两年内优先保障首次购屋者。”

他补充说，鉴于北部EC供应管道不断扩大，开发商可能会更有选择性地评估Admiralty Walk这块新EC地段，并对照其他可参与的政府售地机会。“这种谨慎不仅反映其连通性与便利性有限，也反映在最新措施下EC推盘格局正在转变，”Lim说。

EC计划的其中一项调整是，EC买家须遵守更长的10年最低居住年限（MOP），高于此前的五年上限。合登的Wong表示，潜在EC买家和家庭在选择EC项目时，可能会更加重视连通性、周边环境以及配套设施等因素。

位于Canberra Drive的这块EC地段招标若于10月1日截止，最高出价可能达到每平方英尺容积率700新元（psf ppr）。

开发商很可能先观望Canberra Drive沿线EC地段的结果，以判断未来EC地价的走向。两块地均位于三巴旺规划区内，可能面向同一批附近的EC首次购屋者及组屋提升买家。

Canberra Drive沿线这块124,166平方英尺地段的招标，将是业主首次面对漫长10年最低居住年限及其他严格拥有权限制的新EC项目。物业分析预测，该地段可能吸引多达四份标书，最高地价出价可能达到每平方英尺容积率700新元（psf ppr）。该招标于10月1日截止。

就Admiralty Walk EC地段而言，Lim表示，开发商可能会更谨慎出价，以保留定价灵活性（即新项目的开盘价），尤其是在可负担性日益成为未来EC买家优先考量的情况下。他说：“这是因为首次购屋者参与度提高，以及延期付款计划（Deferred Payment Scheme）取消，可能使买家在开盘时对价格更加敏感。”

ERA预测，Admiralty Walk政府售地地段的招标可能吸引多达三名竞标者，出价约在每平方英尺容积率600至700新元区间。“不过，这可能随Canberra Drive的市场反应而变化，后者将为EC地价及开发商对北部地段的胃口提供更清晰的基准，”Lim说。

与此同时，合登认为，参与此次招标的开发商将以谨慎为主，以便在项目开售时保留更大的定价空间。因此，该地段可能吸引三至四份标书，最高出价或约在每平方英尺容积率590至640新元之间。

Admiralty Walk EC地段的招标于12月17日截止。