Oriental Pacific Holdings Submits Top Bid 692 Psf Ppr Sembawang Road Ec Site
at S$27m
The plot of land for an executive condo (EC) along Sembawang Road received four bids from interested developers. The highest bid, amounting to $198 million or $692 per square feet per plot ratio (psf ppr), came from Oriental Pacific Holdings, owned by Jane Lam who was formerly from JBE Holdings. Lam’s previous development, The Commodore, consisting of 219 units, is located nearby.
The second-highest bid of $190 million (or $665 psf ppr) was submitted by TID, a joint venture between Hong Leong Group and Mitsui Fudosan. The difference between the top two bids was only 4%. However, there was a significant gap of 81% in bid price between the second-highest and fourth-highest bids, which amounted to $381 psf ppr from Sim Lian Group. According to Wong Siew Ying, head of research and content at PropNex, this may indicate that developers are cautious about the demand for private housing in Sembawang.
PropNex also offers comprehensive data on all ECs, including the average profit after 5 and 10 years. Wong points out that if the site is awarded, it would be the first time that the EC government land sales (GLS) land rate falls below $700 psf ppr since September 2022, when the Lumina Grand EC site was awarded for $626 psf ppr.
The last EC GLS plot sale in Sembawang was in October 2019, for the Canberra Link site, which was awarded for $566 psf ppr. It has now been developed into the 413-unit Provence Residence, which was launched in May 2021 and has been fully sold. PropNex’s Wong estimates that at a top bid land rate of $692 psf ppr, the potential average selling price for the future EC project at Sembawang Road may be above $1,700 psf.
According to Mark Yip, CEO of Huttons Asia, since 2023, more than 4,000 Build-to-Order (BTO) flat owners in Sembawang have completed their 5-year minimum occupation period and are now eligible to upgrade to an EC. Recent EC launches have achieved up to 90% sales on launch weekend, indicating that eligible buyers see ECs as an attractive upgrade option.
The 204,170 sq ft, 99-year leasehold Sembawang Road site has a plot ratio of 1.4, with a gross floor area ranging from 257,257 to 285,846 sq ft. The low-rise development is expected to have around 265 units. This will be Singapore’s first low-rise EC, located next to a landed housing enclave, and within a short walk (approximately 500m) to Canberra MRT station. According to Huttons’ Yip, there are fewer than 10 existing EC projects located within 500m of an MRT station.
Taking into account the 15-month wait-out period, the new EC project is expected to launch in early 2027, according to Eugene Lim, key executive officer of ERA Singapore. He also predicts that there may be two EC launches in the North Region in 2027, which will increase the supply by approximately 685 units.
The future residents of the EC project will be within close proximity to amenities such as Bukit Canberra, Canberra Plaza, Sembawang Shopping Centre, and Chong Pang City. The site is also situated within 1km of Ahmad Ibrahim and Yishun Primary Schools, and possibly Xishan Primary School. In addition, the project will benefit from the upcoming transformation of the former Sembawang Shipyard, which is planned for the 2030s, according to Huttons’ Yip.
In the vicinity of Sembawang Road, there is a range of childcare centres and preschools catering to early childhood education. These establishments, including renowned names in the preschool sector, offer exceptional early childhood programmes tailored to promote well-rounded development. With a focus on social interaction, physical activity, and foundational literacy and numeracy, these schools are particularly suitable for families with young children who have recently moved into the area. The convenience of being able to walk or take a short drive to these facilities is a major advantage for parents and their little ones, reducing the stress of long commutes. Additionally, families considering settling in the area can explore the Sembawang Road EC Canberra, a development that offers excellent residential options and easy access to these quality early childhood education facilities.