Canberra Link EC site launched for sale by HDB

The Housing & Development Board (HDB) launched the Canberra Link EC site for sale by public tender yesterday (May 16), under the Confirmed List of the First Half 2019 Government Land Sales (GLS) Programme. The tender for this Canberra Link EC site will close on 3 July 2019, similar to that for a private residential site at Clementi Avenue 1 launched by the Urban Redevelopment Authority in February 2019.

The site can potentially yield up to 385 residential units. HDB in its press release said that in addition, the Urban Redevelopment Authority (URA) will launch a residential with commercial at 1st storey site at Bernam Street for tender in the later part of the month.

Details of Land Parcel

*AMSL means Above Mean Sea Level

** Actual number of dwelling units provided by the developer may vary

Commenting on the Canberra Link Executive Condominium (EC) site for sale, JLL, a leading real estate services company said, they expect healthy interest for the Canberra Link EC site launched for tender yesterday, and that they are ruling out a repeat of the high double-digit bidding volume seen for the Sumang Walk site in February 2018.

JLL noted that although the stock of launched but unsold EC units continue to fall to record lows, the launch pipeline of EC units is slowly being replenished with four EC sites sold between March 2018 and January 2019. JLL added that this, coupled with cooling prices in the private home market following the additional market cooling measures has taken some heat off the EC land market. Biddings at EC sites following the Sumang Walk tender saw seven to nine bidders.

Ms Tay Huey Ying, JLL’s Head of Research and Consultancy for Singapore, said: “Moreover, this is the second EC site launched by HDB along Canberra Link in less than a year. The previous Canberra Link EC site, which is located just next to the current site, was launched in June 2018. That site was awarded to a joint venture between Hoi Hup Realty and Sunway Developments in September 2018. They offered the highest price of SGD 271 million (or SGD 558 per sq ft per plot ratio) out of nine bidders.”

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Ms Tay added: “Healthy demand for the current Canberra Link EC site will be underpinned by its fairly attractive location sandwiched between two MRT stations, namely the existing Sembawang MRT station and the Canberra MRT station, which is slated to open by the end of 2019. Across the road is the upcoming Bukit Canberra, a 12-hectare integrated sport and community hub comprising a polyclinic, a senior care centre, a sports centre and a hawker centre in a park-like environment. The project is being developed by Sport Singapore (SportSG) and is expected to complete in 1H 2020.”

Commenting on the Canberra Lin EC site sale, Ms Tricia Song, Head of Research for Singapore for Colliers International, said: “We expect the site to potentially attract 5-8 bids, fewer than the nine bids we saw at the adjacent EC site that was tendered and awarded on 10 September 2018, but in line with the seven bids we saw at the most recent EC sites tendered at Anchorvale Crescent (Sep 2018, 7 bids) and Tampines Avenue 10 (January 2019, 7 bids).”

She added: “We estimate the top bid could potentially come in at SGD215 million or SGD521 per square foot per plot ratio (psf ppr). This could put potential average selling price at SGD950 psf.”

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Colliers noted that the site next door, which is nearer to Canberra MRT station and can yield 450 units, was awarded to Hoi Hup/ Sunway JV at SGD558 psf ppr in September 2018. it expects developers to exercise a bit more prudence on this site given the short time gap between these two neighboring projects, notwithstanding the five-year ABSD timeline.

“This will be the 11th EC within this district (District 27). The newest ECs in the district – Parc Life and The Visionaire both launched in April 2016 at a median price of SGD784-821 psf. There are no recent new private launches, but newer nearby private homes – The Nautical (completed 2015), Canberra Residences (2013), Eight Courtyards (2014) have transacted at an average of SGD900-1,000 psf in 2019 to date,” Colliers noted.

The tender for the land parcel at Canberra Link will close at 12 noon on 3 July 2019. The tender closing for this site will be batched with a residential site at Clementi Avenue 1, which was launched by URA in February 2019 under the First Half 2019 GLS Programme.

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