Canberra EC site launched for tender | Huttons Group

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Canberra EC site launched for tender

HDB has put an executive condominium (EC) site at Canberra Link in Sembawang up for sale by public tender. The 99-year leasehold site is the only EC parcel of five confirmed list sites under the first half-2019 government land sales (GLS) programme. The Canberra Link parcel, which spans 179,651 sq ft, can yield up to 385 residential units. It has a maximum gross floor area of 413,194 sq ft and a maximum building height of 45 to 55 metres.

The tender for the parcel will close at 12 noon on July 3. It is the second EC site released in the area. The previous tender , which closed in September last year, was hotly contested with Hoi Hup Realty and Sunway Developments beating out eight other bidders with their bid of $271 million, or $558.22 psf per plot ratio (ppr). The site can yield up to 495 units.

Lee Sze Teck, head of research at Huttons estimates prices for the current Canberra Link EC site to be between $520 and $570 psf ppr based on the earlier price paid for the previous tender.

Within proximity is the upcoming Bukit Canberra, a 12ha integrated sport and community hub. When completed in 1H2020, it will comprise a polyclinic, a senior care centre, a sports centre and a hawker centre in a park-like environment.

“Healthy demand for the current Canberra Link EC site will be underpinned by its fairly attractive location sandwiched between two MRT stations, namely the existing Sembawang MRT station and the Canberra MRT station, which is slated to open by the end of 2019,” says Tay Huey Ying, JLL’s head of research and consultancy, Singapore.

Canberra EC site location (Source: HDB)