The Housing & Development Board (HDB) has concluded the tender for an executive condominium (EC) site at Canberra Drive, which is expected to yield approximately 185 residential units. The tender attracted 13 bids, with the highest offer coming from SNC3 Realty Pte. Ltd, HS Invesco Pte. Ltd, and Kay Lim Realty Pte. Ltd at S$163.903m, equating to around S$825 per square foot per plot ratio (psf ppr).
The top bid exceeded the second-highest bid by 2.8%, which was submitted by Intrepid Investments Pte. Ltd and TID Residential Pte. Ltd at S$159.434m or S$803 psf ppr. According to Justin Quek, Deputy Group CEO of Realion (OrangeTee & ETC) Group, the strong response was anticipated due to the site’s prime location and accessibility to amenities such as Canberra MRT Station, Bukit Canberra, Sembawang Shopping Centre, and Canberra Plaza.
Quek noted that the proximity to numerous schools adds convenience for families, and the rarity of EC sites near MRT stations likely contributed to the high demand. Among the three EC sites recently launched for tender in Sembawang, this site is considered the most attractive due to its closeness to the MRT station and other facilities.
The recent increase in the income ceiling to S$18,000 is expected to boost demand further, as more couples become eligible to purchase an EC. Quek anticipates keen interest in the project upon its launch, given these favourable conditions.
