First EC tender under new rules draws record-high bid from developers
The Housing and Development Board (HDB) had changed the rules for ECs in hopes that it would drive down developers’ bids.
The government introduced changes to executive condominium (EC) rules with the aim of reducing developers' bids. Singapore witnessed a record-high bid for the first EC GLS tender under the new regulations. Analysts anticipated more conservative bids due to the increased minimum occupation period, removal of the Deferred Payment Scheme, and higher quota and priority period for first-time buyers.
Canberra Drive, a 11,535 sq m site, attracted 13 bids after the tender closed on October 1. The leading bid, a joint effort by SNC3 Realty, HS Invesco, and Kay Lim Realty, was worth S$163,903,000, translating to a record S$825 per square foot per plot ratio. The top three bids were very close, with the second highest at S$803 psf ppr and the third at S$798 psf ppr.
The land's proximity to Canberra MRT station and nearby amenities likely contributed to the high bids.
Written by urgent.news from CNA - Singapore's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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