The Housing and Development Board (HDB) has released an executive condominium (EC) site in Canberra Drive for tender under the government land sales programme. This marks the first EC site launch following recent changes to the EC Housing Scheme, which include a 10-year minimum occupation period and adjustments in financing options.
Despite these new measures, Wong Siew Ying, Head of Research and Content at PropNex, anticipates that the Canberra Drive EC plot could still attract interest due to its affordability compared to private condominiums. The site’s proximity to Canberra MRT station, Sembawang Shopping Centre, and local schools enhances its appeal for potential owner-occupiers.
However, developers might approach the bidding process cautiously. The recent policy changes, such as the removal of the Deferred Payment Scheme and a 90% priority quota for first-time buyers, could impact demand dynamics. Wong notes that the smaller development size of 185 units might deter some developers, although it poses a lower risk.
The Canberra Drive EC site is expected to receive two to four bids, with land rates estimated between $620 and $660 per square foot per plot ratio. This is slightly lower than the $692 per square foot per plot ratio achieved by a nearby EC site on Sembawang Road in September 2025.
As the government plans to transform the Sembawang Shipyard into a mixed-use waterfront district, the area is poised for further development, potentially boosting interest in the Canberra Drive site. However, developers are likely to remain cautious, considering how the new measures could affect future EC demand.
