[SINGAPORE] In what will be the first test of developer appetite for executive condominium (EC) projects following a fresh tightening of rules, the government has launched the tender for an EC site at Canberra Drive in Sembawang.
The 11,535-square-metre (sq m) parcel can yield about 185 units, with a gross floor area of 18,457 sq m.
The launch of the tender, which closes on Oct 1, comes after the government earlier this month tightened rules for the EC market amid heated demand for the 99-year leasehold housing hybrid.
In announcing the changes on May 8, Minister for National Development Chee Hong Tat said he hoped the new measures would “result in developers reducing their land bids and the prices for their ECs”.
The last EC site sold in the area was a Sembawang Road parcel which drew four bids. JBE-owned Oriental Pacific Development submitted the top bid of S$197.8 million, or about S$692 per square foot per plot ratio (psf ppr).
Analysts expect the Canberra Drive site to garner up to five bids, with the top offer in the range of S$600 to S$700 psf ppr.