Canberra Link EC site up for tender
The Housing Board (HDB) has put up an executive condominium (EC) site in Canberra Link, in Sembawang, for sale by public tender.
In the announcement yesterday, HDB said that the 16,690 sq m site could potentially house 385 residential units.
It has a maximum permissible gross floor area of 38,387 sq m, a maximum building height range of 45m to 55m above mean sea level, and a lease period of 99 years.
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.
We 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.
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.