Canberra Drive EC site draws most bids in eight years, sets new record land price of $825 psf ppr
The result signals continued developer appetite for EC land, although the 128.5% bid spread and northern supply pipeline may encourage greater restraint at future tenders.
The Canberra Drive EC tender attracted 13 bids, the strongest turnout in eight years, and set a record land price of $825 psf ppr.
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A consortium comprising Santarli Realty, Heeton Holdings, Kay Lim Holdings and Sunray Group Holdings has emerged as the top bidder for an executive condominium (EC) site at Canberra Drive, with an offer of $163.9 million, or about $825 psf per plot ratio (ppr).
The 99-year leasehold Government Land Sale (GLS) site attracted 13 bids when its tender closed on Oct 1 — far exceeding analysts’ expectations of three to five bids and marking the strongest turnout for an EC land tender in eight years.
The top bid also sets a new benchmark for EC land prices, Huttons Asia CEO Mark Yip says.
It exceeds the previous record of $794 psf ppr set by Sim Lian Group for the second EC site at Woodlands Drive 17, when that tender closed on Jan 13.
Read also: URA launches tender for East Coast Road GLS site; opens applications for Serangoon North View plot
The strong competition for the Canberra Drive site comes despite cooling measures announced in May that tightened several rules governing new EC purchases.
The Santarli-Kay Lim-Heeton-Sunray consortium’s bid was 2.74% higher than the second-highest offer of $159.43 million, or $803 psf ppr, submitted by a joint venture between TID and Hong Leong Group.
The third-highest bid stood at $798 psf ppr from a consortium comprising Apex Asia Development, BHCC Development, and HDB Development.
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Other bids included $770 psf ppr from a joint venture between Chan Rong Fen Construction and BS Capital, $735 psf ppr from City Developments Ltd (CDL), and $710 psf ppr from Kheng Leong.
The lowest bid, submitted by Sim Lian Group, stood at $71.72 million, or $361 psf ppr, putting the spread between the highest and lowest bids at 128.5%.
Recent measures
Yip attributes the wide range of bids partly to uncertainty over how recent policy changes will affect demand for new ECs.
Read also: Malaysian developer Eco World tops seven bids for Lorong Puntong GLS site at $1,612 psf ppr in tender debut
Measures announced on May 8 included extending the minimum occupation period for new ECs to 10 years from five, removing the Deferred Payment Scheme, and increasing the allocation priority for first-timer households.
Under the revised EC framework, first-timer allocation will increase from 70% to 90%, while the priority period will extend from one month to two years. "This means that second-timer households would generally account for only 10% of the initial allocation during this period," notes Mohan Sandrasegeran, SRI head of research and data analytics.
The monthly household income ceiling for EC buyers was subsequently raised to $18,000 in August, a move that some developers may have viewed as widening the pool of eligible buyers, Huttons' Yip adds.
Despite the tighter rules, the tender drew more than double the bids analysts generally expected.
The mix of bidders also included developers that have been less active in the EC market in recent years, alongside established EC players. Master Contract Services, for instance, previously developed The Amore EC in Punggol with Keong Hong after winning the site in 2013.
The Canberra Drive tender also attracted a bid from a joint venture between Chan Rong Fen Building Construction and BS Capital Group, which appears to be making its first foray into an EC land tender.
The relatively smaller scale of the Canberra Drive EC site may have given developers greater confidence in assessing the implications of the revised EC framework, says Sandrasegeran.
Read also: Smaller residential GLS sites released at Lorong Puntong/Sin Ming Ave and Kitchener Link
Highest bid in eight years
The 13 bids are the most received for an EC site since 2018, when the Sumang Walk site in Punggol attracted a record 17 offers. Two years earlier, the Anchorvale Lane site, later developed into Rivercove Residences, drew 16 bids.
The 291,235 sq ft Sumang Walk site was awarded to a joint venture between CDL and TID — a joint venture between Hong Leong Holdings and Mitsui Fudosan — for $509.37 million, or $583 psf ppr.
The site was subsequently developed into the 820-unit Piermont Grand, which launched in July 2019 at an average price of about $1,080 psf, making it the first EC to launch above the $1,000 psf mark. The project was completed in 2023.
The latest tender signals continued developer appetite for EC sites even as the government has sought to temper demand in the segment.
Sixth EC site in the Canberra-Sembawang area
The Canberra Drive site was launched for tender on May 26. Spanning 124,167 sq ft, it can yield about 185 homes, making it a relatively small EC project.
The previous EC site released in the Canberra-Sembawang area was at Sembawang Road. The site, which can yield about 265 units, drew four bids when its tender closed in 2025. It was awarded in September that year to Oriental Pacific Development for $197.8 million, or $692 psf ppr.
The Canberra Drive plot marks the sixth EC site to be released in the Canberra area. Completed EC projects in the neighbourhood include the 638-unit The Brownstone, launched in July 2015; the 632-unit The Visionaire, launched in April 2016; the 496-unit Parc Canberra, launched in February 2020; and the 413-unit Provence Residence, launched in May 2021. The Sembawang Road site awarded in 2025 is the fifth.
The site is about a five-minute walk from Canberra MRT Station. Schools within 1km include Sembawang Primary School and Wellington Primary School.
At a top bid land rate of $825 psf ppr, PropNex head of research and content Wong Siew Ying projects the average selling price of the new EC project may be around $1,900 psf.
The tender for another EC plot in Admiralty Walk will close on Dec 17, and it will provide "a second reading of how the market values EC land under the new measures". The site is likely to yield about 450 units and is farther from an MRT station, notes Wong.
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“The strong turnout this time does not mean caution has been thrown to the wind for future EC tenders," says Eugene Lim, ERA Singapore key executive officer. Developer participation will still likely hinge on upcoming supply and site-specific attributes, alongside the new EC rules.
For instance, in the North, Wynwood Grand – alongside upcoming projects at Sembawang Road, Woodlands Drive 17, Miltonia Close, and Canberra Drive itself – could add about 1,860 units to the EC pipeline. "As such, developers are likely to keep this supply wave firmly in mind before throwing their hat in the ring for the Admiralty Walk EC site," says Lim.
“Rising interest rates and a softer domestic job market could likewise dampen homebuying sentiment, which may encourage developers to exercise greater restraint at upcoming tenders.”