Canberra Drive EC

The HDB tender closed on 1 October 2026 with 13 bids, and the top bid of $163.9M ($825 psf ppr) is the highest land price ever paid for an EC site. Because the tender closed after both 2026 cut-off dates, Canberra Drive is the first EC under the new regime: $18,000 income ceiling, 10-year MOP, privatisation after 15 years, no Deferred Payment Scheme, and 90% of units reserved for first-timer families for the first two years. Launch is expected in 2027–2028 after site award (estimate), with TOP around 2030.

Canberra Drive EC is a landmark Executive Condominium (EC) development located along Canberra Drive in the tranquil Sembawang enclave (District 27). Officially tendered by the Housing & Development Board (HDB) as government land sales agent, the site closed tender on 1 October 2026 in sensational fashion, drawing an 8-year record turnout of 13 bids and setting a brand-new all-time benchmark land rate for Singapore Executive Condominiums.

A joint venture of SNC3 Realty Pte Ltd, HS Invesco Pte Ltd and Kay Lim Realty Pte Ltd submitted the top bid of S$163,903,000, which translates to S$825 per square foot per plot ratio (psf ppr). HDB published these as provisional tender results on 1 October 2026; the site is not awarded until HDB confirms it. This winning bid easily shattered analysts' pre-tender forecasts of S$630 to S$750 psf ppr, beating the previous record of S$794 psf ppr set by Sim Lian for Woodlands Drive 17 Plot 2 in January 2026 by 3.9%, and leaping 19.2% above the S$692 psf ppr fetched for Sembawang Road EC in 2025.

The tender showcased intense developer competition: a joint venture between Intrepid Investments (Hong Leong) and TID Residential emerged second at S$159.4 million (~S$803 psf ppr, merely 2.8% behind), followed closely by Apex Asia, BHCC Development, and HSB Developments at S$158.6 million (~S$798 psf ppr, 3.3% behind). Bids were also submitted by CRF Land (S$770 psf ppr), CDL (S$735 psf ppr), EL Development, and JBE Capital. This remarkably tight clustering among top institutional developers proves deep consensus on the enduring resilience and pricing power of the EC segment.

Based on the land price of S$825 psf ppr, property analysts calculate the developer's estimated breakeven cost at approximately S$1,480 to S$1,540 psf after factoring in construction, financing, legal, and marketing costs. Factoring in a standard developer profit margin, the projected average launch price for Canberra Drive EC is estimated at S$1,750 to S$1,850 psf. Despite setting new high watermarks, this pricing continues to maintain a substantial 20% to 25% safety cushion relative to new mass-market Outside Central Region (OCR) private condominiums, which routinely command over S$2,100 to S$2,300 psf.

Canberra Drive EC holds particular historical significance as the very first EC parcel tendered under the landmark policy framework announced on 8 May 2026: owners are bound by a 10-year Minimum Occupation Period (MOP) from TOP before selling on the open market to Singapore Citizens and PRs, and full privatisation (enabling sales to foreign buyers) occurs only after 15 years. Furthermore, 90% of units are reserved for first-timer families for the first two years of sales, and developers are prohibited from offering the Deferred Payment Scheme (DPS). Instead, buyers will finance purchases under the Normal Progressive Payment Scheme (NPS), with mortgage disbursements tied to construction milestones.

Buyers also benefit from the raised monthly household income ceiling of S$18,000 (applicable to tenders awarded on or after 24 August 2026), expanding the pool of eligible, high-earning dual-income families. Existing HDB flat owners still enjoy full upfront ABSD remission and are given 6 months from key collection to dispose of their existing flat.

Spanning 11,535 square meters (124,161 square feet) with an allowable gross floor area of 18,457 square meters, the boutique development yields an exclusive ~185 residences. Residents will enjoy a short, sheltered stroll to Canberra MRT station (NS12) on the North-South Line for direct train commutes to Orchard and the CBD, seamless road connectivity to the Seletar Expressway (SLE) and upcoming North-South Corridor (NSC), and immediate access to Canberra Plaza, Sembawang Shopping Centre, and the 12-hectare Bukit Canberra integrated sports and healthcare hub.

Young families enjoy priority school admission with Wellington Primary School and Sembawang Primary School situated within 1km, and Canberra Primary School and Endeavour Primary School within 2km. Eligible first-timer citizen households can also tap up to S$30,000 in CPF Housing Grants to offset their initial purchase.

Before committing to a purchase, prospective buyers should review the foundational eligibility criteria and refer to our EC Affordability & MSR Calculator to verify progressive payment capacity.