SINGAPORE, Sept 11 – JBE Holdings’ subsidiary, Oriental Pacific Development, has emerged as the top bidder for a coveted executive condominium (EC) site in Sembawang, beating out three other developers in a state land tender that closed on Thursday.
The developer submitted a winning bid of S$197.7 million, which translates to S$692 per square foot per plot ratio (psf ppr). The 99-year leasehold parcel spans 18,968 square metres and is expected to yield about 265 residential units.
The top offer by JBE came in 4 per cent higher than the second-place proposal of S$665 psf ppr from TID, a joint venture between Hong Leong Group and Mitsui Fudosan.
The third bid, from a consortium comprising ABR Holdings, Roxy-Pacific, Macly Capital and LWH Holdings, was S$588 psf ppr, while Sim Lian submitted the lowest offer of S$381 psf ppr.
Market watchers had earlier anticipated a stronger showing, with estimates ranging between S$700 and S$800 psf ppr, especially after City Developments Ltd (CDL) set a new benchmark of S$782 psf ppr for a Woodlands EC site in August.
The last time an EC site in Sembawang was sold under the Government Land Sales (GLS) programme was in 2019, when MCC Land acquired a plot at Canberra Link for S$566 psf ppr. That site was later developed into Provence Residence, which launched in 2021 and achieved 53 per cent sales of its 413 units during its opening weekend at an average of S$1,142 psf.
More recently, Otto Place EC in Tengah, launched in July 2025 by Hoi Hup Realty and Sunway Developments, sold 58.5 per cent of its 600 units during its debut weekend, achieving an average of S$1,700 psf under the normal payment scheme.
JBE Holdings is no stranger to the EC segment, having developed notable projects such as Signature at Yishun and Skypark Residences in Sembawang. The group is known for delivering quality executive condominiums that blend functionality with lifestyle features.
With the new Sembawang EC site, market analysts expect strong demand, supported by proximity to Canberra MRT, reputable schools, and the estate’s established amenities.
The upcoming Sembawang EC is poised to offer:
Approximately 265 modern units with a range of layouts for families.
A location near Canberra MRT and North-South Expressway links.
A development by a trusted local developer with proven EC experience.
As ECs continue to attract strong demand due to their affordability compared to private condos, the Sembawang project by JBE Holdings is expected to draw considerable interest from HDB upgraders and first-time buyers alike.
Source: Business Times
