Four bids were received for the executive condo (EC) site at Sembawang Road. Oriental Pacific Holdings, founded by Jane Lam (formerly of JBE Holdings), submitted the highest bid at $198 million, or $692 psf ppr. Lam previously developed the nearby condo, The Commodore, with 219 units.

The second-highest bid came from TID, a joint venture between Hong Leong Group and Mitsui Fudosan, which submitted a bid of $190 million ($665 psf ppr).

​The price gap between the top two bids was 4%. However, the bid price gap is sizeable – at 81% – against the fourth bid of $381 psf ppr from Sim Lian Group. “The tender results may suggest that developers could be less sanguine about the depth of private housing demand in Sembawang,” says Wong Siew Ying, head of research and content at PropNex.

Explore comprehensive data about all ECs, including the average profit at 5 and 10 years

Wong also points out that if the site is awarded, the top bid of $692 psf ppr would be the first time that EC GLS land rate falls below $700 psf ppr. The last time it happened was in September 2022, when the Lumina Grand EC site in Bukit Batok West was awarded for $626 psf ppr.

​The last EC GLS plot sale in Sembawang was in October 2019, when the Canberra Link site was awarded for $566 psf ppr. It was developed into the 413-unit Provence Residence, launched in May 2021. On its launch weekend, 53% of the units were taken up. The project is now fully sold, notes PropNex’s Wong.

​At a top bid land rate of $692 psf ppr, PropNex’s Wong estimates that the potential average selling price for the future EC project at Sembawang Road may be above $1,700 psf.

​Since 2023, more than 4,000 BTO flat owners in Sembawang have completed their 5-year minimum occupation period and may now upgrade to an EC, says Mark Yip, CEO of Huttons Asia. Recent EC launches saw up to 90% sales on launch weekend, with eligible buyers viewing ECs as an attractive upgrade option, Yip adds.

​The 204,170 sq ft, 99-year leasehold Sembawang Road site has a plot ratio of 1.4, with a GFA ranging from 257,257 to 285,846 sq ft. The low-rise development is expected to have around 265 units.

​Located next to a landed housing enclave, this is set to be Singapore’s first low-rise EC. It is the only EC site along a waterway and within a short walk—about 500m—to Canberra MRT station. Fewer than 10 existing EC projects are within 500m of an MRT station, says Huttons’ Yip.

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​Accounting for the 15-month wait-out period, the new EC project could launch in early 2027, estimates Eugene Lim, key executive officer of ERA Singapore. He adds there may be two EC launches in the North Region in 2027, increasing supply by about 685 units.

​Buyers will be close to amenities at Bukit Canberra, Canberra Plaza, Sembawang Shopping Centre, and Chong Pang City. The site is within 1km of Ahmad Ibrahim and Yishun Primary Schools, and potentially Xishan Primary School, notes Lim.

​The EC project will also benefit from the upcoming transformation of the former Sembawang Shipyard, planned to take place in the 2030s, adds Huttons’ Yip.