Commentary on Admiralty Walk (EC) GLS opening

The tender for the Government Land Sale (GLS) site at Admiralty Walk opened on 30 June 2026 and is scheduled to close on 17 December 2026.

The site, located in the Sembawang planning area, spans an estimated 12,893 sqm with a potential yield of 450 residential units. It is slated for development as an Executive Condominium (EC).

“This tender will be closely watched as an early gauge of developer sentiment under the new EC measures,” said Eugene Lim, Key Executive Officer, ERA Singapore. “It is among the first batch of sites subject to the recent rule changes, alongside Canberra Drive, and Jurong East Avenue 1 on the 2H 2026 Confirmed List.” 

“Developers will likely be guided by the bidding response to the earlier Canberra Drive site, given a possible overlap in buyers. Both plots are located in the Sembawang planning area, and could draw from the same pool of EC first-timers and HDB upgraders living nearby.”

“Offers for the site may be more measured compared to the Canberra Drive site, due to the current lack of nearby amenities and its location further away from Sembawang MRT station. Developers may also bid more cautiously to preserve pricing flexibility, especially as affordability becomes a growing priority for future EC buyers. This is due to stronger first-timer participation and the removal of the Deferred Payment Scheme, which could make buyers more price-sensitive at launch.”

“That said, the thinner supply of EC sites under the 2026 GLS programme may help buoy interest. This year, an estimated 1,370 EC units will be offered across three sites, 30.5% lower than the 1,970 units across five plots in 2025.

This tighter pipeline could keep competition alive, as developers with an appetite for EC plots will have fewer tender opportunities.”

Location Attributes

“The site sits along Sungei Sembawang and is adjoined by Northoaks Primary School. It also falls within a 1 km radius of Canberra Primary School and Endeavour Primary School, which could strengthen its future appeal among families with school-going children.”

“However, the area’s convenience is presently limited, given the lack of major amenities within walking distance. With Sembawang MRT station also about 20 to 30 minutes away on foot, buyer interest could be tempered until future upgrades improve accessibility.”

Buyer Demand

“Buyer demand could be diluted by the sizeable pipeline of EC launches in the North, including upcoming projects and known sites for 2026.”

Table 1a: Upcoming EC Launches in the North

 Source: URA, ERA Project Marketing, ERA Research and Market Intelligence

“In 4Q 2026, two EC projects could make their debut in the region, namely those at Woodlands Drive 17 (1H 2025) and Sembawang Road (1H 2025). Together, these developments could inject an estimated 685 EC units into the North. Second‑timers are also likely to show keen interest in these launches, since they are not covered under the new EC measures, which prioritise first‑timers for up to two years.

Table 2a: GLS sites unaffected by the new rule changes

Source: URA, ERA Research and Market Intelligence

Table 2b: GLS sites affected by the new rule changes

Source: URA, ERA Research and Market Intelligence 

Beyond these launches, GLS sites at Woodlands Drive 17, Miltonia Close, Canberra Drive and Admiralty Walk itself could add another 1,625 units to the North’s EC pipeline. Incoming supply of this volume could dilute buyer demand across upcoming launches in the North.

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

“At present, appetite for EC launches remains strong, with buying activity largely concentrated in the East so far this year. Projects such as Coastal Cabana and Rivelle Tampines have led this demand up till now, having entered the market in 1Q 2026, ahead of other anticipated launches in the North and West.”

Developers’ Interest

“Given the expanding EC pipeline in the North, developers are likely to assess Admiralty Walk more selectively against other available GLS opportunities. This caution reflects not only its limited connectivity and convenience, but also a shifting EC launch landscape under the newest measures.”

This caution also points to a broader trend of growing selectivity, with developers gravitating toward GLS sites with stronger locational fundamentals and proven buyer demand.”

“Based on these variables, we could see up to three bidders for the site, with offers hovering around the $600 to $700 psf ppr mark. However, this could shift depending on the response to Canberra Drive, which will provide a clearer benchmark for EC land pricing and developer appetite for northern sites.”