Commentary on Canberra Drive (EC) GLS Closing

The tender for the Government Land Sale (GLS) site at Canberra Drive closed today, following its opening on 26 May 2026. It attracted 13 bidders in total, topped by a consortium comprising Santarli Realty, Heeton Holdings, the family behind Sunray Woodcraft Construction, and Kay Lim Realty with an offer of $163.9 million or $825 psf ppr.

The top bid came in at 2.8% higher than the second-highest offer of $159.4 million (or $803 psf ppr) submitted by Intrepid Investments Pte. Ltd. and TID Residential Pte. Ltd. A significant gap of 128.5% was also observed between the top bid and the lowest offer of $71.7 million (or $361 psf ppr) by Sim Lian Group.

“The broad field of 13 bidders shows that developers’ enthusiasm for EC land remains unabated, even as they navigate through uncharted territory with the new EC rules and greater first-timer eligibility in place,” said Eugene Lim, Key Executive Officer, ERA Singapore. 

“The last time an EC tender saw similar competition was in 1997, when 13 developers vied for a plot at Woodlands Avenue 7, which is now Woodsvale.”

“At $825 psf ppr, the top bid also sets a new record land rate for an EC site. It is 3.9% higher than the previous benchmark of $794 psf ppr that Sim Lian Group paid for a Woodlands Drive 17 EC plot in January this year.”

Broad spread in bids reveals split in developer views on future EC reception 

“Despite the strong turnout, the sizeable spread of 128.5% between the highest and lowest bids 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 cushion of the Deferred Payment Scheme.”

Strong location and smaller unit count could have also driven strong turnout

“As the site is roughly 10 minutes away on foot from Canberra MRT station, it offers a strong selling point for an EC plot. This may have underpinned confidence among developers anticipating future demand for EC homes that are well-served by public transport.

Moreover, the site is close to several key neighbourhood amenities, such as Sembawang Shopping Centre, Canberra Plaza, Sembawang Primary School, as well as the Bukit Canberra integrated hub.”

“Smaller or more risk-conscious developers may also have viewed the site’s modest yield of 185 units positively, treating it as a hedge against market uncertainty.”

Upcoming EC land tenders may still see a more tempered response 

Table 1: Upcoming EC projects and GLS sites

Source: URA, HDB, ERA Research and Market Intelligence

“The strong turnout this time does not mean caution has been thrown to the wind for future EC tenders. Developer participation will still likely hinge on upcoming supply and site-specific attributes, alongside the new EC rules.

For instance, in the North, Wynwood Grand – alongside upcoming projects at Sembawang Road, Woodlands Drive 17, Miltonia Close, and Canberra Drive itself – could add about 1,860 units to the EC pipeline. 

As such, developers are likely to keep this supply wave firmly in mind before throwing their hat in the ring for the Admiralty Walk EC site.”

“Rising interest rates and a softer domestic job market could likewise dampen homebuying sentiment, which may encourage developers to exercise greater restraint at upcoming tenders.”

END

For media queries, please contact:
Eugene Syn
PR Manager
eugene.syn@era.com.sg