Canberra Drive EC site draws record bid of S$825 psf ppr under new rules
The first executive condominium tender under tightened rules has drawn a record S$825 psf ppr bid for a Canberra Drive site, beating the previous high of S$794 psf ppr. The 13-bid tender closed on 1 Oct 2026, with a joint bid from SNC3 Realty, HS Invesco and Kay Lim Realty topping the field at S$163
The first executive condominium (EC) Government Land Sales tender under new rules has drawn a record-high bid for a 11,535 sq m site at Canberra Drive, expected to yield about 185 units. The tender closed on Thursday (1 Oct 2026) with 13 bids, and provisional results released by the Housing and Development Board (HDB) on Thursday night showed the top bid was a joint bid from SNC3 Realty, HS Invesco and Kay Lim Realty for S$163,903,000. This translates to a record S$825 per square foot per plot ratio (psf ppr), higher than the previous record of S$794 psf ppr that Sim Lian Group submitted for a Woodlands Drive 17 EC plot in January this year.
The new rules, announced in May, include the doubling of the minimum occupation period to 10 years, the removal of the Deferred Payment Scheme, and the increased quota and priority period for first-time buyers. National Development Minister Chee Hong Tat said during the announcement that he had hoped the new measures would “result in developers reducing their bids and the prices for their ECs”. Analysts had expected more conservative bids, but PropNex’s head of research and content Wong Siew Ying said the number of bids and top bid price “far exceeded our expectations”. She added that the new EC measures were expected to make bidding more cautious, giving developers reason to take part on the chance that a more moderate bid might succeed.
The top few bids were clustered tightly: the second highest bid was S$803 psf ppr from Intrepid Investments and TID Residential, and the third was S$798 psf ppr from an Apex Asia-led consortium. PropNex had initially expected a top bid of around S$620 psf ppr to S$660 psf ppr. If the site is awarded to the top bidders, Ms Wong projects the average selling price of the EC project may be around S$1,900 psf.
ERA Singapore’s key executive officer Eugene Lim said the broad field of 13 bidders showed that developers’ enthusiasm for EC land “remains unabated”, as they navigate through “unchartered territory” with the new rules and greater first-timer eligibility. He noted the sizeable spread of 128.5 per cent between the highest and lowest bids, which he said is “revealing of vastly differing outlooks for future EC reception”. While optimistic bidders likely saw upside in an expanded pool of eligible first-timers, more conservative players could have factored in greater price sensitivity from this buyer group, especially without the Deferred Payment Scheme.
Mr Lim noted that the site is roughly a 10-minute walk from Canberra MRT station, offering a “strong selling point”, and is close to amenities such as Sembawang Shopping Centre, Canberra Plaza, Sembawang Primary School and the Bukit Canberra integrated hub. Deputy Group CEO of Realion (OrangeTee & ETC) Group Justin Quek said the site can be considered “the most attractive” of the recently launched Sembawang sites, given its proximity to the MRT station and the longer 10-year minimum occupation period that may make location a decisive factor for buyers. He added that the recent revision of the income ceiling to S$18,000 may result in stronger demand when the project launches, as more couples become eligible to purchase an EC.
Another EC plot in Admiralty Walk has been launched for tender and will close on 17 Dec 2026. Ms Wong said the results from that tender will “give a second reading” on how developers are valuing EC land under the new measures.
