An executive condo (EC) site at Senja Close has been launched for sale. The 109,354 sq ft government land sale (GLS) site is part of the 1H2025 GLS programme and could yield about 295 EC units, says URA.
This is the first development site in the 1H2025 GLS programme that the government has launched for sale, says Wong Siew Ying, head of research and content at PropNex Realty. She adds that it is also the first in a trio of EC land parcels on the Confirmed List that has been launched. The other two EC plots — Woodlands Drive 17 and Sembawang Road — are expected to be launched for sale in April and May, respectively.
Wong expects that the Senja Close GLS site will garner strong developer interest due to the potentially high pent-up demand for EC units in the area. She adds that a new EC project has not been launched in that vicinity for more than a decade.
The last GLS site that was awarded in that area was in 2010. It has been developed into the 602-unit Blossom Residences at Segar Road. At the time, the GLS site drew a top bid of $271 psf per plot ratio (ppr) or $182 million by Grand Isle Holdings, a subsidiary of City Developments (CDL).
The scarcity of available new EC units across the island has supported the strong demand in the EC market, says Eugene Lim, key executive officer at ERA Singapore. He adds that fewer than 150 EC units are available across five projects in Singapore. “Despite two other projects at Plantation Close and Jalan Loyang Besar slated to be launched this year, incoming supply could still fall short of demand.”
He expects developers will put in ‘competitive’ bids for the Senja Close GLS site as ECs have “consistently been a popular choice for buyers”. He attributes the strong buying interest to their more accessible pricing compared to condos, as well as the ABSD remission for Singaporean purchasers.
Justin Quek, CEO of OrangeTee & Tie, says that close to 9,000 four- and five-room flats in nearby HDB towns like Bukit Panjang and Choa Chu Kang will complete their minimum occupation period (MOP) this year, boosting the number of HDB upgraders potentially entering the EC market as well.
Wong predicts five to six bids for the Senja Close site, noting its land size is relatively “manageable”, which could be attractive to developers. She estimates the top bid to come in at around $230 million to $235, which works out to $700 to $715 psf ppr.
Meanwhile, OrangTee & Tie’s Quek anticipates two to four bidders for the site at the highest bid price of $600 to $680 psf ppr and expects greater interest in the other upcoming sites at Woodlands Drive 17 and Sembawang due to their locations. “These locations are closer to the main MRT stations and various amenities,” he says.
The tender for the Senja Close site will close on Aug 5.
