Oriental Pacific Holdings Submits Top Bid 692 Psf Ppr Sembawang Road Ec Site

MRT location, landed enclave and unique low-rise design draw four bids for Sembawang Road EC siteFour bids were submitted for the executive condo (EC) site at Sembawang Road, with Oriental Pacific Holdings placing the highest bid at $198 million. The property company, founded by Jane Lam, who was previously from JBE Holdings, offered a bid of $692 per square foot per plot ratio (psf ppr). Lam has previously developed the nearby condo project, The Commodore, which boasts 219 units.The second-highest bid was submitted by TID, a joint venture between Hong Leong Group and Mitsui Fudosan, who offered $190 million ($665 psf ppr). The price difference between the top two bids was only 4%, but there was a significant difference of 81% between the top bid and the fourth bid of $381 psf ppr from Sim Lian Group. This suggests that developers may have reservations about the demand for private housing in Sembawang, according to Wong Siew Ying, head of research and content at PropNex.To explore in-depth information about all ECs, including the average profit at 5 and 10 years, please click here to know more.Wong also highlights that if the site is awarded, it would be the first time that an EC GLS land rate falls below $700 psf ppr since September 2022, when the Lumina Grand EC site in Bukit Batok West was awarded for $626 psf ppr.Source: PropNex Research The most recent EC GLS plot sale in Sembawang took place in October, when the Canberra Link site was awarded for $566 psf ppr. This plot has since been developed into the 413-unit Provence Residence, which was launched in May 2021. 53% of the units were sold on the launch weekend and the project is now fully sold, according to PropNex’s Wong. Based on a top bid land rate of $692 psf ppr, the average selling price for the upcoming EC project at Sembawang Road could potentially be higher than $1,700 psf.Since 2023, there have been over 4,000 BTO flat owners in Sembawang who have completed their 5-year minimum occupation period and are now eligible to upgrade to an EC, says Mark Yip, CEO of Huttons Asia. It has been observed that recent EC launches have seen up to 90% sales on the launch weekend, with eligible buyers viewing ECs as an attractive upgrade option, says Yip.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 would be Singapore’s first low-rise EC and the only EC site by a waterway that is within a short walk of approximately 500m to Canberra MRT station. There are less than 10 existing EC projects within 500m of an MRT station, according to Huttons’ Yip.Read also: Otto Place 91% sold after second-timer balloting, underscoring EC market strengthTaking into account the 15-month wait-out period, the new EC project could potentially be launched in the early months of 2027, according to Eugene Lim, key executive officer of ERA Singapore. He also foresees that there might be two EC launches in the North Region in 2027, which would increase the supply of EC units by about 685 units.Buyers of the upcoming EC project will be within close proximity to amenities at Bukit Canberra, Canberra Plaza, Sembawang Shopping Centre, and Chong Pang City. The site is also within 1km of Ahmad Ibrahim and Yishun Primary Schools, and potentially Xishan Primary School, according to Lim.The EC project also stands to gain from the future transformation of the former Sembawang Shipyard, which is scheduled to take place in the 2030s, says Huttons’ Yip.

The future of Tampines is looking bright with the proposed improvements outlined in the URA Master Plan, and Rivelle Tampines EC is perfectly positioned to reap the benefits. With upgraded transportation systems, verdant public spaces, new educational and community facilities, and a flourishing economy, this development offers a dynamic and sustainable living environment for families, professionals, and investors alike. More than just a residence, Rivelle Tampines EC is a valuable investment in the future of Tampines.