Land tender
Canberra Drive EC draws 13 bids and a record $825 psf ppr: what it means for Jurong East EC
The first EC site sold under the 10-year MOP rules drew 13 bids and a record top bid. Here is what that tells us about the Jurong East EC tender in December.
- Tender closed 1 October 2026 with 13 bids, the most for an EC site since 2018.
- Top bid: $163.9 million, or $8,880 psm ($825 psf ppr), a record for an EC site.
- It is the first EC site sold under the 10-year MOP and $18,000 ceiling.
- Analysts had expected $600 to $700 psf ppr. Jurong East EC goes to tender in December 2026.
Many people expected the new EC rules to cool developer interest. They didn’t. When HDB closed the tender for the Canberra Drive EC site in Sembawang at noon on 1 October 2026, it had 13 bids. The top one was $163.9 million.
That works out to $8,880.26 per square metre of floor area, or about $825 psf ppr. It is the highest land price ever bid for an EC site, above the $794 psf ppr record set at Woodlands Drive 17 earlier this year.
The top five bids
| Bidder (as listed by HDB) | Bid | Per sqm of GFA |
|---|---|---|
| SNC3 Realty, HS Invesco and Kay Lim Realty | $163,903,000 | $8,880 |
| Intrepid Investments and TID Residential | $159,434,000 | $8,638 |
| Apex Asia Beta Investment Three, BHCC Development (Project 2) and HSB Developments | $158,600,000 | $8,593 |
| CRF Land | $153,000,000 | $8,290 |
| CDL Constellation | $146,099,000 | $7,916 |
The site is 11,535 sqm with a maximum floor area of 18,457 sqm, enough for about 185 homes. These are provisional results. HDB will announce the award after it evaluates the bids.
Why this matters for Jurong East EC
Canberra Drive is the first EC site sold entirely under the rules MND announced on 8 May 2026 (10-year MOP, 90% of units for first-timers, no Deferred Payment Scheme). It is also the first to close after the income ceiling went up to $18,000. Jurong East Avenue 1 is under exactly the same rules, so this is the closest guide we have.
- Developers clearly still want EC land, even with the 10-year MOP. Thirteen bids is far more than the three to five many analysts expected.
- Land prices set the floor for selling prices. Developers have usually launched ECs at about twice the land price, so an $825 psf ppr land price points to launch prices well above what recent ECs sold at.
- Jurong East should draw at least as much interest. It is bigger (about 735 units), about 500 m from Toh Guan MRT, and next to Jurong Lake District. A smaller project in Sembawang just set a record.
Next up is the Admiralty Walk EC site, which closes on 17 December 2026, the same month HDB is expected to launch the Jurong East tender. I’ll post both results here.
If you are planning to apply for Jurong East EC, now is a good time to check whether you qualify and run your numbers at a higher price than you might have assumed.