The Housing & Development Board (HDB) has launched an executive condominium (EC) site at Canberra Drive for public tender, marking the first EC government land sales (GLS) site to be released since the government tightened EC purchase rules on May 8.
The 99-year leasehold site, spanning 11,535.4 sqm, or 124,166 sq ft, is launched on May 26 under the confirmed list of the 1H2026 GLS programme. It can potentially yield about 185 units.
The tender will close on Oct 1.
Wider bidding gap expected
This is the first EC site to be put up for tender since the latest cooling measures were ruled out. The latest measures include “greater first-timer priority, a longer Minimum Occupation Period (MOP), and the removal of the Deferred Payment Scheme (DPS),” says Eugene Lim, key executive office of ERA Singapore.
“Without the DPS, and with first-timers making up a larger share of initial new launch buyers, future ECs may attract a more price-sensitive crowd. This should prompt developers to bid more cautiously, as higher land costs will make it harder to align EC prices with what buyers can realistically afford,” adds Lim.
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As a result, a “wider bidding gap” may emerge as “developers gauge the market before new EC pricing benchmarks take shape”, he adds.
PropNex head of research and content Wong Siew Ying expects "developers to be cautious, factoring in assumptions on how the new measures could potentially shift EC demand dynamics in the future when the project is launched for sale".
Mark Yip, CEO of Huttons Asia, expects the bid for the site to range between $630 and $700 psf ppr, with interest likely to come from around five bidders.
Attractive location
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Notwithstanding tighter rules, the Canberra Drive site remains “attractive” due to its location and the relatively small size of the project.
“This site is very attractive as it is less than a five-minute walk to Canberra MRT Station. Bukit Canberra, Sembawang MRT Station and Sun Plaza [are] also nearby, [while] Sembawang Primary School and Wellington Primary School are within 1km of the site,” says Yip.
“Furthermore, it is possibly the smallest EC site ever, with only 185 units,” Yip adds. This makes the price quantum for this project “bite-size”, which “may offer a lower risk and attract developers to participate”.
Strong buyer demand expected
With “an estimated 5,361” units of HDB flats expected to attain their MOP status, “HDB upgraders in the Sembawang, Yishun and Woodlands [areas] could provide demand for the site’s future development”, says Lim.
That said, “two upcoming EC launches at Woodlands Drive 17 and Sembawang Road, totalling 685 units, could “dilute” buyer demand, notes Lim.
Despite this, appetite for EC launches remains firm. “Buying activity has largely been concentrated in the East so far this year, with projects such as Coastal Cabana and Rivelle Tampines [leading demand after] entering the market in 1Q 2026, ahead of other anticipated launches in the North and West,” Lim adds.
In addition, “the last EC site sold in the [Northern] area was the site [at] Sembawang Road, which was awarded in Sept 2025, at a land rate of $692 psf ppr,” says Justin Quek, deputy group CEO of Realion Group (OrangeTee & ETC). As such, “pent-up demand” is expected for EC units in Sembawang.
Read about this year's GLS tenders:
URA launches Berlayar Drive and New Upper Changi Road GLS sites (May)
Holland Plain GLS site in D10 draws sole bid from Sim Lian (May)
Dunearn Road GLS site draws six bids; Wing Tai-Metro consortium on top with $1,625 psf ppr bid (April)
River Valley Green (Parcel C) GLS site in popular Great World area could ‘pique developer interest’ (April)
Peck Hay Road GLS site in Newton could draw up to eight bids: analysts (April)
Frasers Property-Mitsubishi Estate JV tops four bids for Kallang Close GLS site at $1,415 psf ppr (April)
Large 5.74ha Bayshore Drive mixed-use GLS site could draw $2 bil top bid: analysts (March)
Qingjian Realty, joint venture partners top Dover Drive GLS bid with $1,556 psf ppr (March)
URA launches GLS site at Holland Plain, with up to six bidders expected (February)
CDL-Woh Hup JV places top bid for Tanjong Rhu GLS site, beating out four others (February)
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