This New Admiralty EC Comes With A 10-Year MOP — But It Could Be Priced More Competitively

The tender for a new Executive Condominium (EC) site at Admiralty Walk was launched on June 30. This government land sale (GLS) site is the second EC plot that the government has released for sale after it rolled out significant changes to the EC scheme last month.

Nearly all of the EC sites launched for sale by the government in recent years have attracted strong developer participation, which has led to competitive land bids that contribute to the overall increase in EC prices over the past two- to three-years.

However, most market analysts believe that the 138,782 sq ft plot along Admiralty Walk, with its less than compelling locational attributes, could see most developers approach this tender cautiously.

The site has a gross plot ratio of 3.5, and if it is developed could yield up to 450 EC units. However, it is one of the furthest residential sites from the nearest MRT station, Sembawang MRT station on the North-South Line, and is actually closer to the industrial cluster at Senoko and Woodlands.

Wong Siew Ying, head of research and content at PropNex Realty, points out that it is more than 1km from Sembawang MRT station with a limited range of nearby amenities.

“Although its long frontage along Sungei Sembawang on one side may provide a waterfront character to the development, we note that some homes may potentially have orientation towards industrial areas in Senoko and Woodlands,” she says.

On the other hand, at least four new Build-To-Order (BTO) projects have been launched in that neighbourhood, including two that were part of the June 2026 BTO sales exercise. The 1,160-unit Sembawang Brook and the 875-unit Sembawang Portico.

Other new BTO developments in the vicinity are the 1,173-unit Sembawang Voyage and the 777-unit Sembawang Deck. Both developments were part of the February 2026 BTO sales exercise.

Justin Quek, Deputy Group CEO of Realion (OrangeTee & ETC) Group, says that the development of these new BTO projects will come with more amenities to meet the needs of future residents. Some of the planned amenities include an eating house, a minimart, new HDB shops, and preschools.

But the application rate for these four Standard classification BTO projects has been relatively muted, which suggests that owner-occupiers may be less drawn to this location compared to other towns where HDB has launched other BTO projects, says Wong.

At the end of the recently concluded June 2026 BTO sales exercise, Sembawang Brook and Sembawang Portico received the lowest application rates for its three-, four-, and five-room flats. We analyse the take up rate in this article, and how it reflects homeowner preferences.

A reason why some buyers may be turned off by the new BTO projects in Sembawang North is the pipeline of launch-ready ECs in Woodlands. We expect to see the launch of an EC project along Woodlands Drive 17 by Sim Lian Group before the end of this year, as well as another EC project along Sembawang Road by Oriental Pacific Holdings.

“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,” says Eugene Lim, Key Executive Officer of ERA Singapore.

He adds that given the expanding EC pipeline in the North, developers are likely to assess the new EC site at 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,” says Lim.

One of the changes to the EC scheme is that EC buyers are subject to a longer 10-year minimum occupation period (MOP), up from the previous five-year limit. Wong of PropNex says that prospective EC buyers and households may place an even greater emphasis on factors such as connectivity, surrounding environment, and availability of amenities when choosing an EC project.

Developers will likely wait and see the outcome of an EC site along Canberra Drive for an indication of where land prices for EC sites may lead in the future. 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

The tender for the 124,166 sq ft site along Canberra Drive will be the first new EC where owners will face the lengthy 10-year MOP and other stringent ownership restrictions. Property analysis predicted that the site could attract up to four bids, with a possible top land bid of $700 psf per plot ratio (ppr). That tender closes on October 1.

In the case of the Admiralty Walk EC site, Lim says that developers may bid more cautiously to preserve their pricing flexibility (i.e. the launch price of the new project), 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,” he says.

ERA predicts that the tender for the Admiralty Walk GLS site could see up to three bidders, 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,” says Lim.

Meanwhile, PropNex believes caution will prevail among developers participating in this tender, in order to give them more pricing flexibility when the project is launched for sale. Thus, it could garner three to four bids with the top bid price potentially ranging from around $590 to $640 psf ppr.

The tender of the EC site at Admiralty Walk closes on December 17.