Kenny's Take
The Canberra Drive EC tender closed with 13 bids — the most for an EC site since 2018 — and a top offer of $825 psf ppr, smashing the previous EC land-rate record of $794 psf ppr set just nine months ago. That matters because this is the first EC site to test the market under both May's tightened ownership rules and the new 10-year MOP: if developers were worried those changes would shrink demand, this bid says otherwise. Analysts are pencilling in launch pricing near $1,900 psf, which would make this one of the priciest ECs ever sold — worth flagging now to any client treating ECs as the 'affordable' alternative to private property, because that gap is closing. Meanwhile Lucerne Grand books today in Jurong Lake District, the live test of the $2,251-$2,420 psf guide that surfaced yesterday; with 4,000 visitors through the preview weekend and the cheapest land cost in the current pipeline, CDL has room to move on pricing if take-up disappoints, but we won't know the real number until results land. The Serra Residences' freehold preview rolls into its second day in Novena with no change to the low-$2,7xx-$3,000+ psf indicative figures. Rates aren't moving — SORA's held flat since 25 September — but MAS has now put a hard date on its October policy statement: no later than 14 October, which gives anyone sitting on a fixed-rate decision an actual deadline instead of a vague 'sometime this month.'
🏛️ Canberra Drive EC Tender Draws Record Bid
- The tender for the Canberra Drive Executive Condominium site, which closed 1 October, drew 13 bids — the most for an EC site since Sumang Walk's 17 bids in February 2018 (now Piermont Grand). The top offer came from a joint bid by SNC Realty, HS Invesco and Kay Lim Realty at $163.9M, or $825 psf ppr — a new EC land-rate record, surpassing the previous high of $794 psf ppr set by Sim Lian for a Woodlands Drive 17 site in January.
- The 124,167 sq ft, 99-year leasehold site is expected to yield around 185 units. This is the first EC land tender to close under both May's tightened EC ownership rules and August's higher $18,000 monthly household income ceiling — the strong turnout suggests developers see the wider income ceiling outweighing the new 10-year MOP as a demand brake, not the other way round. Analysts expect eventual launch pricing from roughly $1,900 psf. Formal award confirmation is still pending.
🏠 Lucerne Grand Books Today in Jurong Lake District
- CDL's 570-unit Lucerne Grand at Lakeside Drive (D22) holds its public booking today, 3 October — the actual demand test for the indicative $2,251-$2,420 psf price guide that surfaced yesterday. The project's 18-29 September preview window drew an estimated 4,000 visitors over the opening weekend alone, though turnout is a weaker signal than booking-day conversion.
- At $1,132 psf ppr, Lucerne Grand holds the cheapest land cost in the current new-launch pipeline, which gives CDL room to adjust pricing if take-up runs soft. Actual sales figures were not yet available at the time of writing.
🏗️ The Serra Residences Preview Rolls On
- Far East Organization's 133-unit freehold condo in Novena (D11) is in its second day of preview, running through 13 October ahead of booking on 16 October. No change has been reported to the indicative low-$2,7xx to $3,000+ psf pricing flagged on 30 September.
💰 Rates — MAS Gives October a Deadline
- No fresh SORA print since 25 September; 3-month compounded SORA continues to hold in the 1.19-1.23% band. MAS has confirmed its October Monetary Policy Statement — the possible third tightening of 2026, after April and July — will land no later than 14 October, narrowing the window from the open-ended timing flagged earlier this week.
🔭 What I'm watching
- Canberra Drive's formal award (expected to confirm the $825 psf ppr top bid) and Lucerne Grand's booking-day take-up rate are the two numbers due any day now — both set fresh benchmarks for EC land cost and OCR/JLD new-launch absorption respectively. MAS's policy statement lands by 14 October at the latest.