Canberra Link EC site up for tender; Bernam Street site to launch later in May

Canberra Link EC site up for tender; Bernam Street site to launch later in May

HDB has put an executive condominium (EC) site at Canberra Link in Sembawang up for sale by public tender, it announced said on Thursday.

The 99-year leasehold site is the only EC parcel of five confirmed list sites under the first half-2019 government land sales (GLS) programme. On the first half-2019 reserve list, there is one EC site at Fernvale Lane that can yield 525 units. Reserve list sites are launched only upon successful application by a developer or when there is sufficient market interest.

The Canberra Link parcel, which spans 16,690 square metres (sqm) in area, can accommodate up to 385 residential units. It has a maximum gross floor area of 38,387 sq m and a maximum building height of 45 to 55 metres.

It is the second EC site released in the area. The previous tender for an adjacent site, which closed in September last year, was hotly contested with Hoi Hup Realty and Sunway Developments beating out eight other bidders with their offer of S$271 million, or S$558.22 per square foot per plot ratio.

Tricia Song, head of research for Singapore, Colliers International, said she expects developers to exercise a bit more prudence for the latest site, given the short time gap between the launch of the neighbouring projects due to the five-year timeframe to sell out all units under additional buyer stamp duty rules.

“We expect the site to potentially attract five to eight bids, fewer than the nine bids we saw at the adjacent EC site …but in lne with the seven bids we saw at the most recent EC sites tendered at Anchorvale Crescent (September 2018, seven bids) and Tampines Avenue 10 (January 2019, seven bids),” she said.

“We estimate the top bid could potentially come in at S$215 million or S$521 psf ppr. This could put potential average selling price at S$950 psf.”

Ms Song noted that the two newest ECs in the district, which launched in April 2016, had a median price of S$784-821 psf.

Additionally, the Urban Redevelopment Authority (URA) will launch the tender of a residential site at Bernam Street in Tanjong Pagar in the later part of the month, HDB said on Thursday. The confirmed list site comes with commercial space on the first floor. More details on this site will be released by URA when ready.

The tender for the Canberra Link parcel will close at 12 noon on July 3. It will be batched with the tender close of a residential site at Clementi Avenue 1, which was launched by URA in February.

COMMENTS