The Canberra Drive executive condominium (EC) site attracted 13 bids when its tender closed on 1 October 2026, with the highest offer coming in at S$163.9 million, or about S$825 per square foot per plot ratio (psf ppr).
If awarded at this price, the site would set a new land-rate record for an EC under the Government Land Sales (GLS) programme. It also drew the largest number of bids for an EC site since February 2018, when the Sumang Walk plot, now home to Piermont Grand, received 17 bids.
The result offers an early look at how developers are approaching the revised EC landscape. Canberra Drive is the first EC land tender to close under both the tighter ownership rules announced in May and the higher S$18,000 monthly household income ceiling announced in August.
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Santarli-led tie-up submits the highest bid
| Rank | Tenderer | Tender price | Approx. land rate (S$ psf ppr) |
| 1 | SNC3 Realty, HS Invesco and Kay Lim Realty | S$163,903,000 | 825 |
| 2 | Intrepid Investments and TID Residential | S$159,434,000 | 803 |
| 3 | Apex Asia Beta Investment Three, BHCC Development (Project 2) and HSB Developments | S$158,600,000 | 798 |
| 4 | CRF Land | S$153,000,000 | 770 |
| 5 | CDL Constellation | S$146,099,000 | 735 |
| 6 | Peak Valley | S$141,050,000 | 710 |
| 7 | EL Development | S$135,100,000 | 680 |
| 8 | Evia Real Estate (14), Arc Canberra and H10 Holdings | S$130,500,999 | 657 |
| 9 | MCS Thomson | S$129,330,000 | 651 |
| 10 | Macly Group, Roxy Development Partners, Greatsun Capital, Scree Innovation and Lin Bing Cheng | S$127,198,889 | 640 |
| 11 | JBE Capital | S$124,365,280 | 626 |
| 12 | Forsea Residence, CNQC Realty (Epsilon) and Jianan Realty Investments (2) | S$123,777,000 | 623 |
| 13 | Sim Lian Land and Sim Lian Development | S$71,718,787 | 361 |
Source: HDB’s provisional tender results. Tenderer names have been shortened for readability. Land rates are converted from HDB’s published S$ per sqm of gross floor area and rounded to the nearest dollar.
SNC3 Realty, HS Invesco and Kay Lim Realty submitted the highest offer of S$163,903,000. The Santarli-led tie-up placed ahead of Intrepid Investments and TID Residential, which offered S$159,434,000, or about S$803 psf ppr.
An Apex Asia-led consortium comprising Apex Asia Beta Investment Three, BHCC Development (Project 2) and HSB Developments followed with a bid of S$158.6 million, equivalent to about S$798 psf ppr.
The highest bid was approximately 2.8% above the second-highest offer, while the second was about 0.5% above the third. This relatively narrow gap shows that the leading bidders were close in their assessment of the site.
At approximately S$825 psf ppr, the top offer would exceed the previous EC land-rate record of S$794 psf ppr for the second Woodlands Drive 17 EC plot by around 3.9%..
While the three leading offers were closely grouped, the remaining bids were more spread out. Those ranked fourth to twelfth ranged from about S$623 to S$770 psf ppr, while the lowest offer stood at approximately S$361 psf ppr.
Notably, seven bids came in below the S$692 psf ppr paid for the nearby Sembawang Road EC site in 2025. The turnout therefore reflects broad interest in participating, although it does not suggest that all developers shared the same pricing expectations.
One possible explanation is that some bidders anticipated more restrained competition under the new rules and entered with lower offers. However, the figures alone cannot establish their intentions; each bid also reflects a developer’s own assumptions about costs, demand and future selling prices.
At the highest bid of about S$825 psf ppr, an indicative estimate places the future project’s average selling price at around S$1,900 psf.
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A compact site with room for about 185 homes
HDB launched the Canberra Drive parcel for tender on 26 May 2026. The 99-year leasehold site spans 11,535.4 sqm and can accommodate an estimated 185 homes, although the final number may vary with the developer’s plans.
| Site detail | Canberra Drive EC |
| Proposed development | Executive condominium |
| Site area | 11,535.4 sqm |
| Maximum gross floor area | 18,457 sqm |
| Estimated number of homes | 185 |
| Lease tenure | 99 years |
| Maximum building height | 40m Singapore Height Datum (SHD) |
| Project completion period | 60 months from the date of tender acceptance |
| Tender launch | 26 May 2026 |
| Tender closing | 1 October 2026 |
The estimated number of homes is subject to the developer’s eventual proposal. Source: HDB.
The relatively small scale may have helped attract a wider range of bidders. A top land commitment of about S$164 million could be more manageable for mid-sized developers and consortiums than the outlay required for a much larger parcel.
Meanwhile, a project of around 185 homes would involve fewer units to sell. Together with the site’s established surroundings, this may have supported participation even as developers assessed the policy changes.
How the new EC rules affect this tender
As covered in our earlier article on the Canberra Drive site launch, the development will fall under the revised EC framework announced on 8 May 2026.
The changes include a 10-year Minimum Occupation Period (MOP) and the removal of the Deferred Payment Scheme (DPS). The revised framework also gives first-timer families greater priority, with 90% of units reserved for them during a two-year priority period.
For buyers, the longer MOP means committing to the home for a longer period before resale. Without DPS, they will also need to plan for payments during construction rather than defer a substantial portion until completion.
At the same time, the higher S$18,000 monthly household income ceiling, announced at the National Day Rally in August, expands the pool of households that may qualify for the upcoming project.
Developers therefore had to consider two changes pulling demand in different directions. The longer ownership commitment and revised payment arrangements could influence some households’ willingness to buy, while the higher income ceiling allows more families to consider a new EC.
The tender suggests that these conditions have not prevented developers from pursuing the site. How buyers respond will become clearer when the project’s pricing, layouts and launch details are available.
Canberra MRT and established amenities support the location
Beyond the policy changes, the site has several practical advantages for future residents.
Canberra MRT station is within walking distance, providing access to the North-South Line. Residents can travel directly towards Yishun, Ang Mo Kio, Toa Payoh and Orchard, as well as northwards towards Woodlands.
The surrounding amenities also give buyers a clearer picture of everyday life in the neighbourhood. Canberra Plaza and Sembawang Shopping Centre provide shopping and dining options, while Bukit Canberra adds sports, recreation and community facilities. Sun Plaza offers further choices in the wider Sembawang area.
For families with children, Sembawang Primary School and Wellington Primary School are within 1km of the site. Alongside the transport links and nearby facilities, these schools could help support interest among households seeking a home for longer-term occupation.
Admiralty Walk will offer the next point of comparison
The next EC tender to watch is Admiralty Walk, which is scheduled to close on 17 December 2026. That site could yield about 450 homes and sits further from an MRT station, making it a different proposition from the smaller Canberra Drive parcel.
Its result should provide another indication of how developers are assessing EC demand under the revised rules, particularly for a larger project with a higher overall development commitment.
Stay updated with the latest news and insights on Singapore’s new launch market here.
About Sophiyanah David
Sophi, a seasoned copywriter specialising in Singaporean real estate and property, is one of the minds behind 99.co's informative articles. Like her colleagues at 99.co, Sophi is dedicated to keeping you informed about the ever-changing world of real estate so you can find your forever home. When off the clock, you can find her giggling and kicking her feet as she reads her romance novels, watching anime - if FMBA is not your fave, she might fight you (but you'll probably win) and looking up latest skincare trends.
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