The Canberra MRT station will soon be a welcome addition to the North-South MRT line with its estimated year-end completion.
Could the estate also do with a new executive condominium (EC)?
New EC site opposite Montreal Green A for tender
A 16,690 sq m site at the corner of Sembawang Road and Canberra Link has just been released under the Government Land Sales (GLS) programme. The site is opposite Montreal Green and in between Sembawang and the upcoming Canberra MRT stations.
The new 99-year leasehold EC site could potentially yield 385 new residential units and has a maximum permissible gross floor area of 38,387 sq m. There is a maximum height limit of 55m above mean sea level.
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Canberra and Sembawang not yet saturated with private housing
In an area which are mostly populated by HDB dwellers, the Canberra and Sembawang estates will welcome a new EC.
Executive condominiums are particularly attractive to buyers as they fall under public housing. This means buyers are able to utilize government subsidies for their purchases and has a higher income ceiling of $14,000.
ECs are a hybrid property type that starts out as public housing and after 10 years, enter the private property market. They are built by private developers and often come with the frills of private condominium developers such as swimming pools, multipurpose rooms and tennis courts.
This Canberra site is under the GLS confirmed list which means it will be launched according to schedule. Sites on the reserved list are only launched when the minimum bid price is triggered by a developer bidding at or above the minimum.
The area currently has a few private properties such as The Nautical and ECs such as Skypark Residences and the upcoming The Brownstone.
Amenities nearby include Sembawang Shopping Centre, Sun Plaza and Sembawang Community Club.
The tender for the Canberra site will close on July 3.