EC Site in Admiralty Launched for Sale

The land parcel at Admiralty Walk has a 99-year lease tenure and spans 12,893.3 sq m, with a maximum gross floor area of 45,127 sq m and a gross plot ratio of 3.5. It can potentially yield around 450 new residential units.

Mogul.sg chief research officer Nicholas Mak expects developers to bid cautiously for the site due to its weaker locational attributes compared to the Canberra Drive EC parcel, which is closer to transport nodes with more amenities in the area. He noted that the plot at Admiralty Walk is also significantly larger, with 450 units versus the Canberra Drive site’s 185 units, which would pose a “greater development and financial risk” for developers.

Mak reckoned that the tender may draw up to five bids, with a winning land rate of S$600 to S$680 per sq ft per plot ratio, which amounts to S$291.4 million to S$330.3 million. The tender for the Admiralty Walk site closes on December 17.

Market watchers point to a substantial pipeline of EC supply in Singapore’s northern region. ERA key executive officer Eugene Lim noted that two EC projects could be launched in the region in Q4 2026: one in Woodlands Drive 17 and the other in Sembawang Road. Together, the two projects are expected to yield 685 new EC units.

Lim said upcoming government land sale sites in Woodlands Drive 17, Miltonia Close, Canberra Drive and Admiralty Walk could add another 1,625 units to the northern pipeline, potentially diluting buyer demand across these launches. “With ample supply and more diluted buyer demand in the north, developers could be less inclined to bid for sites with fewer locational advantages,” he said.

Huttons Asia chief executive Mark Yip added that Build-To-Order application rates for the four projects in the new 53-hectare Sembawang North neighbourhood have been lukewarm. “This may lead to a longer time to sell out the Admiralty Walk EC project, given the new EC policy that allocates 90% of units to first-timers and lengthens the priority period for first-timers to two years,” he said.

On the positive side, Mak pointed out that the new EC project could be launched in 2028. “By then, around 7,500 HDB flats would have reached the end of the five-year minimum occupation period, and the owners would be able to upgrade to EC or private housing,” he said.

This upcoming wave of MOP flats could provide a pool of potential upgraders for the Admiralty Walk EC project when it eventually launches for sale.