Due to little or no land plots available for building, executive condos have developers taking notice of areas in Canberra Link and Anchorvale Crescent. These two areas are under the government land sales program. Land is in high-demand for Singapore condos that will be nearby the future MRT station which is still under construction.
There are a total of 4 sites that could easily create around 1,900 residential units:
• On Canberra Link
• On Anchorvale Crescent
• On Clementi Avenue
• On Jalan Jurong Kechil
Jalan Jurong Kechil is up for sale and under the Confirmed List while the site on Clementi Avenue is under the Reserve List. Anchorvale Crescent has been released for application under the Reserve List and Canberra Link is under the Confirmed List of H12018 GLS program.
A Confirmed List has consultants, contractors, and vendors that are required to start a project. Being under the Reserve List means it can only go up for bidding when a developer has offered a minimum price and it’s accepted by the government.
Supply and demand advancements of the European Community (EC) along with the construction of the Canberra MRT station, which is set to open in 2019, has increased the appeal of both Canberra Link and Jalan Jurong Kechil.
It is believed that with the soon to be launched Canberra MRT station, Canberra Link will sell very quickly because there are very few, if any, EC sites being developed that are within walking distance to the station. To date, there is only one EC project that has been launched and almost totally sold out and that’s Rivercove Residences. There is only one other EC site that will be up for bids in October, outside of that, there are no other EC projects expected to take place this year. This means that interested buyers will have to choose from those available now or wait. It is believed that Canberra will go for $450 to $5,000 per SF per plot ratio.
The executive director of ZACD believes there will always be some risk from protracted legal battles over the sale of units to only one purchaser. That means most developers would rather look for less complicated and faster land acquisitions.
There is growing concern that due to the lack of new EC units over the next 18 months, it could lead to Canberra Link drawing in approximately 16 bids which will be seriously contested.
It is believed that reasonable bids for this site will go for $194 to $243 but could go as high as $550.
Anchorvale Crescent is expected to draw in many bidders who are seeing growth in the area. Bidders are seeing a strong demand given to the increasing Housing Development Board upgrades in the northeast region.
While there are those who do not believe there will be a strong attraction for Jalan Jurong Kechil because it’s a good distance from the MRT station, others beg to differ. There has not been a site launched in the west for some time now, so the idea of new launches are high-in-demand. Stock in the region is low, therefore demand for new homes will be very strong.
Experts believe that the private residential site on Clementi Ave will be up for sale shortly, due to its location on an older estate that offers many excellent amenities including great schools.
On a final note, both Canberra Link and Jalan Jurong Kechil will close on September 4 around noon time.
Below are some new launch condos that can be found near the regions mentioned above.
- Parc Life (Executive Condo)
- Kandis Residence
- Parc Botannia
- The Clement Canopy
- Mont Botanik Residence
Upcoming new launch