Canberra Link EC site up for tender closed with 9 bidders

THE Housing and Development Board (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.

Source: Business Times

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