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SINGAPORE, Sept 11 – Property developer JBE Holdings has clinched the top bid for a government land sales (GLS) site in Sembawang, paving the way for the launch of a new Executive Condominium (EC) near Canberra MRT.
JBE-owned Oriental Pacific Development submitted the highest offer of S$197.7 million, translating to S$692 per square foot per plot ratio (psf ppr). The 99-year leasehold site, spanning 18,968 sqm, can yield around 265 residential units.
The tender attracted four bids, though overall interest came in below earlier market expectations.
TID Pte Ltd (a Hong Leong and Mitsui Fudosan JV) submitted the second-highest bid of S$665 psf ppr.
A consortium led by ABR Holdings, Roxy-Pacific, Macly Capital and LWH Holdings placed an offer of S$588 psf ppr.
Sim Lian Group offered the lowest bid at S$381 psf ppr.
Analysts had anticipated a range between S$700 and S$800 psf ppr, following City Developments Ltd’s record S$782 psf ppr bid for a Woodlands EC site in August.
The last EC plot awarded in Sembawang was in 2019, when MCC Land secured a parcel at Canberra Link for S$566 psf ppr. The site was later developed into Provence Residence, which sold more than half its 413 units at launch in 2021 at an average price of S$1,142 psf.
Recent demand for ECs remains robust. Otto Place EC, launched in July 2025, sold nearly 59 per cent of its 600 unitsduring its opening weekend, with average prices reaching S$1,700 psf under the normal payment scheme.
JBE Holdings is an established local developer with a strong track record in the EC segment, having delivered projects such as Skypark Residences in Sembawang and Signature at Yishun. Known for its focus on quality and functional layouts, JBE’s developments are popular among HDB upgraders and young families.
The upcoming Sembawang EC is expected to draw keen interest given:
Its proximity to Canberra MRT and transport links.
The limited supply of new ECs in the north.
The affordability advantage of ECs compared to private condominiums.
Market observers believe pricing for the new Sembawang EC could be guided by recent benchmarks, with strong demand from families looking to upgrade within the region.
Source: Business Times