SINGAPORE — Singapore’s executive condominium (EC) market has delivered a striking early test of the government’s tougher housing rules after a Canberra Drive EC site attracted 13 bids, with the top offer establishing a new record for EC land prices.
A consortium involving Santarli Realty, Heeton Holdings, Sunray and Kay Lim Realty submitted the highest offer of S$163.9 million, equivalent to S$825 per square foot per plot ratio (psf ppr). The tender closed on Oct. 1.
The bid exceeded the previous EC land-price record of S$794 psf ppr, set by Sim Lian Group for a Woodlands Drive 17 site in January 2026. It was also higher than the S$630 to S$750 psf ppr range analysts had forecast for Canberra Drive.
13 Developers and Consortia Enter the Race
The strong turnout was another major feature of the tender.
The Canberra Drive site received 13 bids, well above analysts’ expectation of roughly three to six offers. CNA reported that it was the highest number of bids for an EC site since a Sumang Walk tender in 2017.
The second-highest bid came from Intrepid Investments and TID Residential, at S$159.4 million, or about S$803 psf ppr.
An Apex Asia-led consortium placed the third-highest offer at S$158.6 million, equivalent to about S$798 psf ppr.
Other bidders included CRF Land, an entity linked to City Developments, EL Development and JBE Capital. Sim Lian submitted the lowest bid at about S$361 psf ppr, illustrating the unusually wide gap between developers’ assessments of the site.
A Crucial Test After Singapore Tightened EC Rules
The Canberra Drive tender is particularly significant because it is the first EC land tender to close after a series of policy changes designed to reshape the market.
In May, Singapore doubled the minimum occupation period for ECs to 10 years, removed the Deferred Payment Scheme and increased the share of units reserved for first-time buyers during the first two years of a project’s launch to 90 per cent.
The government subsequently raised the monthly household income ceiling for EC buyers from S$16,000 to S$18,000.
The changes created competing considerations for developers.
The higher income ceiling could expand the pool of eligible buyers, while the longer occupation requirement, removal of deferred payments and larger first-timer allocation could affect purchasing patterns and pricing.
What the Record Bid Could Mean for Future Prices
The land price has already prompted estimates of where the eventual project could be priced.
PropNex’s Wong Siew Ying projected an average selling price of around S$1,900 psf based on the top land bid. Mogul.sg’s Nicholas Mak estimated a median range of roughly S$1,850 to S$1,920 psf. These are analyst projections rather than confirmed launch prices.
The figures matter because developers must ultimately balance land costs with what prospective EC buyers are prepared and able to pay.
The tender therefore provides an early indication of how developers are interpreting the government’s new EC framework, although one tender alone cannot establish a broader market trend.
Why Canberra Drive Attracted Developers
The 11,535 sq m, 99-year leasehold Canberra Drive site has a gross floor area of 18,457 sq m and is expected to produce approximately 185 residential units.
Its location in Sembawang, proximity to Canberra MRT station, nearby shopping facilities and access to schools were among the factors cited by property analysts as contributing to developer interest.
The relatively small size of the project also means developers face a lower overall capital commitment than they would for some larger EC sites.
Developers Still Face Uncertainty
Despite the record bid and 13-way competition, analysts have cautioned against treating the result as proof that all EC sites will command similar prices.
ERA Singapore’s Eugene Lim noted that future developer participation will depend on factors including upcoming housing supply, individual site characteristics and the impact of the new EC rules. He also pointed to possible pressure from interest rates and a softer domestic employment market.
The Canberra Drive tender consequently presents a complicated picture: developers showed strong interest and one consortium set a record land price, yet the market is still adjusting to substantially different EC ownership and financing conditions.
For Singapore’s property market, the next major question is whether the Canberra Drive result becomes an isolated record — or an early sign that developers and buyers are adapting faster than expected to the new EC landscape.
WWC ONE MEDIA G,A
