HDB Launches GLS Tender for Executive Condominium Site at Senja Close: Commentary by ERA

SINGAPORE, 7 February 2025 – HDB has just launched the tender for the Government Land Sale (GLS) parcel for an Executive Condominium (EC) at Senja Close. The site can potentially yield about 295 units. The tender for sale will close at 12 noon on 5 August 2025.

“ECs have consistently been a popular choice for buyers. This is due to their more accessible pricing compared to private condos, as well as the added benefit of ABSD remission for Singaporean purchasers. This widespread appeal is reflected by the over-50% take up rates observed at the last four EC launches, including the latest Aurelle of Tampines. These figures could be even higher if not for the second-timer quota of 30% at launch.” said Eugene Lim, Key Executive Officer, ERA Singapore.

“Last year, new homes sized between 900 to 1,000 sqft in the OCR saw a 42% difference in median prices between ECs ($1.48M) and private condos ($2.10M). This gap highlights the value proposition of ECs, particularly for HDB upgraders who meet the income ceiling of $16K.”

“Given the scarcity of fresh EC supply in the immediate vicinity, we may see competitive bidding activity for this site. Likewise, the presence of an LRT station nearby and amenities like Senja Hawker Centre and Greenridge Shopping Centre could further boost the site’s attractiveness to developers and potential buyers alike.”

“In view of the healthy EC demand, the government has committed to releasing three EC sites for sale in 1H 2025, and the Senja Close site is the smallest among them. Considering the size of the site, coupled with healthy EC demand, we could see more intense bidding competition. Since 2021, nine EC sites launched, averaging 6.7 bids from developers.”

“Developers may also take cues from the strong demand observed during Aurelle of Tampines’s launch. The project achieved a remarkable 90% sales rate during its launch weekend, selling 682 of its 760 units, with the large majority of buyers being first-timers.”

“Island-wide, the current supply of new EC homes is fairly limited, with fewer than 150 units available across five projects. Though there are another two projects at Plantation Close and Jalan Loyang Besar slated to be launched this year, this incoming supply might still fall short of demand.”

“The last Bukit Panjang EC site tender (now Blossom Residences) dates back to December 2010, resulting in five bidders and a land cost of $271 psf ppr. Furthermore, with Blossom Residences being the last EC launch in Bukit Panjang since 2011, the Senja Close site could see some pent-up demand from HDB upgraders in the vicinity.”

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Ning Peh, Senior Marketing Communications Manager, ERA Singapore

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Kaixin Yue, PR Manager, ERA Singapore

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