Canberra Drive EC Site Draws 13 Bids With Record S$825 psf ppr Top Offer From Santarli-Led Consortium
The first EC land tender since the new rules took effect closed far above expectations. A consortium led by Santarli Realty bid S$163.9 million, or S$825 per square foot per plot ratio, setting a record and surpassing the S$630 to S$750 psf ppr that analysts had forecast. Thirteen bids were submitted against the three to six expected.
psf ppr, A New Record
Bids Received
Above The Previous High
Spread Between Top And Bottom Bid
The Result
A consortium comprising Santarli Realty, Heeton Holdings, Sunray and Kay Lim Realty has set a fresh benchmark for executive condominium land prices, with its bid for a small Canberra Drive site beating 12 other bidders in a state tender that closed on Thursday 1 October.
At S$163.9 million, the bid translates to S$825 psf ppr, surpassing the S$630 to S$750 psf ppr forecast by analysts. It is about 3.9 per cent above the previous high of S$794 psf ppr set by Sim Lian’s winning offer for a Woodlands EC project in January, and about 19.2 per cent above the S$692 psf ppr that JBE-owned Oriental Pacific Development paid for the last EC site in Sembawang in 2025.
A consortium comprising Hong Leong Holdings and Mitsui Fudosan came second at S$159.4 million or about S$803 psf ppr, just a shade below the top bid. A consortium of Apex Asia Investment, BHCC Construction and Hwa Seng Builder was third at S$158.6 million or S$798 psf ppr. CRF Land bid S$770 psf ppr, and an entity linked to City Developments offered S$735 psf ppr. The lowest bid, from Sim Lian, came in at about S$361 psf ppr.
Provisional tender results, per HDB and ACRA: SNC3 with HS Invesco and Kay Lim Realty, S$163.9 million, S$825 psf ppr. Intrepid Investments and TID Residential, S$159.4 million, S$803. Apex Asia Beta Investment Three, BHCC Development and HSB Developments, S$158.6 million, S$798. CRF Land, S$153 million, S$770. CDL Constellation, S$146.1 million, S$735. Peak Valley of Kheng Leong, S$141.1 million, S$710. EL Development, S$135.1 million, S$680. Evia Real Estate, Arc Canberra and H10 Holdings, S$130.5 million, S$657. MCS Thomson, S$129.3 million, S$651. Macly Group and partners, S$127.2 million, S$640. JBE Capital, S$124.4 million, S$626. Forsea Residence, CNQC Realty and Jianan Realty Investments, S$123.8 million, S$623. Sim Lian Land and Sim Lian Development, S$71.7 million, S$361.
It was the highest number of bids for an EC site since the Sumang Walk tender in 2018, noted Huttons Asia chief executive Mark Yip.
Why the Spread Was So Wide
The Canberra Drive tender was the first to test developers’ appetite for EC land following the recent changes to the housing scheme. In May, the government extended the minimum occupation period to 10 years, removed the deferred payment scheme and raised the proportion of units reserved for first-time buyers in the first two years of launch to 90 per cent. It subsequently raised the monthly household income ceiling for ECs from S$16,000 to S$18,000.
Yip said: “The wide disparity between the top and last bid highlighted the unpredictability in demand over these policy changes. Some developers viewed the cooling measures as having a bigger impact on demand in the EC market, while others viewed the revised income ceiling as lifting demand.”
Wong Siew Ying, head of research and content at PropNex, said the higher income ceiling widens the pool of eligible buyers. The relatively modest investment of about S$164 million also lowers the barrier for mid-sized developers and consortiums, she added.
Has the Cooling Effort Been Undone
Nicholas Mak, chief research officer at Mogul.sg, noted that four comparable EC parcels in the north, two in Woodlands Drive 17, one at Sembawang Road and another at Miltonia Close, were sold in the 10 months before the tighter regulations were announced. Their average land rate was about S$750 psf ppr.
With Canberra Drive setting a new record of S$825 psf ppr, he suggested the tender had “upended the government’s effort to cool the EC property market”. Mak argued that the government should have waited until at least three EC sites had been sold under the tighter rules before raising the income ceiling, to give the market time to adjust and assess the cooling effect of the May measures.
Based on the top land bid, PropNex’s Wong projected an average selling price of about S$1,900 psf for the Canberra Drive project. Mak estimated a median selling price of S$1,850 to S$1,920 psf, which he said could set a new benchmark for EC prices.
The Site
Located in Sembawang, the Canberra Drive site is 11,535 square metres in size with a gross floor area of 18,457 sq m. The 99-year leasehold site is expected to yield some 185 homes.
Its proximity to Canberra MRT station, amenities such as Sembawang Shopping Centre and Canberra Plaza, and schools helped draw keen interest, said Justin Quek, deputy group chief executive of Realion Group.
Despite the strong turnout, ERA Singapore key executive officer Eugene Lim cautioned that developers’ participation in future tenders would still depend on upcoming supply, site-specific attributes and the new rules. “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,” he said.
Frequently Asked Questions
Who won and at what price?
A consortium of Santarli Realty, Heeton Holdings, Sunray and Kay Lim Realty, with S$163.9 million or S$825 psf ppr. That is 3.9 per cent above the previous record of S$794 psf ppr set in January.
How did this compare with forecasts?
Analysts had forecast S$630 to S$750 psf ppr and expected three to six bids. The tender drew 13 bids and closed at S$825 psf ppr, the highest number of bids for an EC site since the Sumang Walk tender in 2018.
What might the units sell for?
PropNex projected an average selling price of about S$1,900 psf. Nicholas Mak of Mogul.sg estimated a median of S$1,850 to S$1,920 psf, which he said could set a new EC price benchmark.
What did analysts make of the result?
Mark Yip of Huttons said the wide bid disparity highlighted unpredictability over the policy changes. Mak suggested the tender had upended the government’s effort to cool the EC market, and argued the income ceiling should have been raised only after at least three EC sites had sold under the tighter rules.
What is the site?
An 11,535 sq m 99-year leasehold site in Sembawang with a gross floor area of 18,457 sq m, expected to yield some 185 homes, near Canberra MRT station, Sembawang Shopping Centre and Canberra Plaza.
Still weighing an EC?
At this land price, projections put the project at or above today’s top of market, with a 10-year MOP attached. Worth running the numbers properly before you decide.