First EC tender under new rules draws record-high bid from developers

Singapore's government introduced new rules for executive condominium (EC) Government Land Sales (GLS) tenders in May, aiming to lower developers' bidding prices. The first EC tender under these rules, held for the 11,535 sq m site at Canberra Drive, drew 13 bids on Thursday (Oct 1). The highest bid, S$163,903,000, translates to a record S$825 per square foot per plot ratio (psf ppr), surpassing the previous record of S$794 psf ppr.

The new rules include a doubled minimum occupation period of 10 years, the removal of the Deferred Payment Scheme, and an increased quota and priority period for first-time buyers. Canberra Drive is the first EC tender to close after raising the monthly household income ceiling to S$18,000. Analysts expected conservative bids due to these new rules but were surprised by the high number of bids and top bid price.