Oriental Pacific Holdings Submits Top Bid 692 Psf Ppr Sembawang Road Ec Site
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for $11.9m
Four proposals were received for the executive condo (EC) site along Sembawang Road, with Oriental Pacific Holdings submitting the highest bid of $198 million. The bid of $692 psf ppr is the first time an EC GLS land rate has fallen below $700 psf ppr since September 2022.The second-highest bid of $190 million ($665 psf ppr) came from TID, a joint venture between Hong Leong Group and Mitsui Fudosan. The gap between the top two bids was 4%, but the fourth bid of $381 psf ppr from Sim Lian Group was significantly higher, at 81%.According to Wong Siew Ying, head of research and content at PropNex, this could indicate that developers may not be as confident in the demand for private housing in Sembawang as they were previously.Explore comprehensive data about all ECs, including the average profit at 5 and 10 yearsAdvertisementAdvertisementIf the site is awarded, it will mark the first time since September 2022 that an EC GLS plot has been sold for less than $700 psf ppr. The last instance was when the Lumina Grand EC plot in Bukit Batok West was sold for $626 psf ppr.Source: PropNex Research The last EC site sold in Sembawang was in October 2019, when the Canberra Link site was awarded for $566 psf ppr. It was later developed into Provence Residence, a 413-unit project which was fully sold by May 2021, notes Wong. With a top bid land rate of $692 psf ppr, Wong estimates that the average selling price for the future EC project along Sembawang Road could be above $1,700 psf.According to Mark Yip, CEO of Huttons Asia, more than 4,000 BTO flat owners in Sembawang have completed their 5-year minimum occupation period since 2023 and are now eligible to upgrade to an EC. Recent EC launches have seen sales of up to 90% on launch weekend, with eligible buyers seeing ECs as a desirable upgrade option, Yip adds.The 204,170 sq ft, 99-year leasehold Sembawang Road site has a plot ratio of 1.4 and a GFA ranging from 257,257 to 285,846 sq ft. It is expected to have around 265 units. Set to be Singapore’s first low-rise EC, it is the only EC site located alongside a waterway and within a short walk – approximately 500m – from Canberra MRT station. According to Yip from Huttons, there are fewer than 10 existing EC projects within 500m from an MRT station.Read also: Otto Place 91% sold after second-timer balloting, underscoring EC market strengthAdvertisementAdvertisementThe new EC project is expected to launch in early 2027 after the 15-month waiting period, according to Eugene Lim, key executive officer of ERA Singapore. Lim adds that there could be two EC launches in the North Region in 2027, increasing supply by around 685 units.The future EC buyers will be in close proximity to numerous amenities, including Bukit Canberra, Canberra Plaza, Sembawang Shopping Centre, and Chong Pang City. The site is also within 1km of Ahmad Ibrahim Primary School and Yishun Primary School, with the potential to be in the same range as Xishan Primary School, according to Lim.The EC project will benefit from the upcoming transformation of the former Sembawang Shipyard, which is scheduled to take place in the 2030s, according to Yip from Huttons. RELATED NEWSCanberra Crescent Residences preview draws over 4,000 visitors on opening weekendThe Visionaire: a fore-runner for smart homesSembawang Road shophouses up for collective sale for $11.9m