Executive condo site in Admiralty launched for sale

[SINGAPORE] The Housing & Development Board (HDB) on Tuesday (Jun 30) launched an executive condominium (EC) site in the Admiralty area for tender.

The land parcel at Admiralty Walk has a 99-year lease tenure and can potentially yield around 450 new residential units.

The site spans 12,893.3 square metres (sq m), with a maximum gross floor area of 45,127 sq m and a gross plot ratio of 3.5.

Nicholas Mak, Mogul.sg chief research officer, expects developers to bid cautiously for the Admiralty Walk site due to its weaker locational attributes compared to the Canberra Drive EC parcel, which is closer to transport nodes with more amenities in the area.

He noted that the plot at Admiralty Walk is also significantly larger – with 450 units, compared to the Canberra Drive site’s 185 units – which would pose “greater development and financial risk” for developers.

Market watchers also point to a substantial pipeline of EC supply in Singapore’s northern region. 

In the fourth quarter of 2026, ERA key executive officer Eugene Lim noted that two EC projects could be launched in the region – namely, those at Woodlands Drive 17 and Sembawang Road. 

Together, the two projects are expected to yield 685 new EC units.

Lim said upcoming government land sale sites at Woodlands Drive 17, Miltonia Close, Canberra Drive and Admiralty Walk could add another 1,625 units to the northern pipeline, potentially diluting buyer demand across these launches.

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“With ample supply and more diluted buyer demand in the north, developers could be less inclined to bid for sites with fewer locational advantages.”

Huttons Asia chief executive Mark Yip added that Build-To-Order application rates for the four projects in the new 53-hectare Sembawang North neighbourhood have been lukewarm.

“This may lead to a longer time to sell out the (Admiralty Walk) EC project, given the new EC policy that allocates 90 per cent of units to first-timers and lengthens the priority period for first-timers to two years,” said Yip.

Then again, Mak said the new EC project could be launched in 2028. “By then, around 7,500 HDB flats would have reached the end of the five-year minimum occupation period, and the owners would be able to upgrade to EC or private housing.”

He reckoned that the tender may therefore draw up to five bids, with a winning land rate of S$600 to S$680 per square foot per plot ratio, which amounts to S$291.4 million to S$330.3 million.

The tender for the Admiralty Walk site closes on Dec 17.