Developers keen to pick up EC site in Canberra

With the Woodlands Regional Centre in-the-making the next town over, Sembawang still holds its own as developers showed a keen interest in the EC site at Canberra Link.

Developers keen to snag Executive Condominium site

The Dairy Farm Estate. Picture: iProperty

The tender for 3 land sites closed on Tuesday – at Canberra Link, Dairy Farm Road and Jalan Jurong Kechil. While all 3 sites are comparable, the most recent property cooling measures may have a part to play in the 9 bids which came in for the site at Canberra Link which is zoned for executive condominiums (ECs).

The stock of ECs has been diminishing over the past year as launches for this property type were suppressed. Currently, there are however only about 20 unsold EC units in the market. Hence, there may be pent-up demand for ECs which could work in the favour of developers.

These hybrid apartments are first made available to buyers who can take advantage of government grants and loans. While these units may cost more than other HDB flats, they also come with the facilities and amenities that private condominiums offer.

After 10 years, they become private properties and their values rise correspondingly.

9 bids ranged from $201.8 million to $271 million

Altogether 9 bids were entered for the 99-year leasehold 194,187 sq ft Canberra Link site, with the lowest being $201.8 million from JBE Development and the highest, $271 million from Hoi Hup Realty and Sunway Developments.

The land parcel sites at the perpendicular of Canberra Link and Canberra Walk, with Sembawang road just a turn ahead.

The Sembawang MRT station and Sun Plaza shopping mall are also just a stone’s throw away. The site has a gross plot ratio of 2.5 and can yield an estimated 450 units.

See moreMore than 20 units sold at 8 St Thomas exclusive private preview