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

- **Source:** Channel NewsAsia
- **Published:** 2026-10-01T14:16:00.000Z
- **Author:** Not listed by source
- **Original:** https://www.channelnewsasia.com/singapore/canberra-drive-ec-tender-new-rules-record-high-bid-6424671
- **Topics:** HDB & Public Housing, Private Residential, Government & Policy

## Featured rationale

The unexpectedly strong bidding signals sustained developer confidence despite tighter EC rules and could support an average selling price of around S$1,900 psf.

## AI summary

The Canberra Drive EC site drew 13 bids, with the top offer of S$163,903,000 setting a record land rate of S$825 psf ppr.

## Original article

SINGAPORE: The first executive condominium (EC) Government Land Sales (GLS) tender under the new rules has drawn a record-high bid. Analysts had expected the site at Canberra Drive , released by the Housing and Development Board (HDB) in May, to attract more conservative bids in light of the new rules. These include the doubling of the minimum occupation period to 10 years, the removal of the Deferred Payment Scheme, and the increased quota and priority period for first-time buyers. Canberra Drive is also the first EC tender to close after the monthly household income ceiling was raised in August to S$18,000 (US$14,060). The 11,535 sq m site, which is expected to yield about 185 units, drew 13 bids after the tender closed on Thursday (Oct 1). According to the provisional results released by HDB on Thursday night, the top bid was a joint bid from SNC3 Realty, HS Invesco and Kay Lim Realty for S$163,903,000. This translates to a record S$825 per square foot per plot ratio (psf ppr), higher than the previous record of S$794 psf ppr that Sim Lian Group submitted for a Woodlands Drive 17 EC plot in January this year. The number of bids received for the Canberra plot is the highest since 17 bids were received for a plot in Sumang Walk, Punggol, in 2017.

ECs were introduced in 1995 to provide an option for higher-income Singaporeans who aspire to own private housing. They are developed and sold by private developers, with design features and facilities similar to private condominiums. The new rules, announced in May, are part of efforts to help first-time home buyers secure a unit. National Development Minister Chee Hong Tat said during the announcement that he had hoped the new measures would “result in developers reducing their bids and the prices for their ECs”. The median prices of new EC units have soared in recent years, with recent launches going at record prices.

WIDE RANGE OF BIDS PropNex’s head of research and content Wong Siew Ying said it appeared that the new EC measures did not deter developers. “The number of bids and top bid price for the Canberra Drive EC plot have far exceeded our expectations,” she added. “We think it is possible that the tender drew livelier participation because the new EC measures were expected to make bidding more cautious, giving developers reason to take part on the chance that a more moderate bid might succeed.” If the site is awarded to the top bidders, Ms Wong said it is projecting that the average selling price of this EC project may be around S$1,900 psf. The top few bids were clustered tightly. The second highest bid was S$803 psf ppr from Intrepid Investments and TID Residential, and the third was S$798 psf ppr from an Apex Asia-led consortium. When the tender was launched, PropNex had expected a top bid of around S$620 psf ppr to S$660 psf ppr. ERA Singapore’s key executive officer Eugene Lim said the broad field of 13 bidders showed that developers’ enthusiasm for EC land “remains unabated”, as they navigate through “unchartered territory” with the new EC rules and greater first-timer eligibility. “Despite the strong turnout, the sizeable spread of 128.5 per cent between the highest and lowest bids is revealing of vastly differing outlooks for future EC reception,” he added. “While optimistic bidders likely saw upside in an expanded pool of eligible first-timers, more conservative players could have factored in greater price sensitivity from this buyer group, especially without the cushion of the Deferred Payment Scheme.”

ATTRACTIVE SITE Mr Lim noted that the site was roughly a 10-minute walk from Canberra MRT station, offering a “strong selling point”. The land is also close to several key neighbourhood amenities, such as Sembawang Shopping Centre, Canberra Plaza, Sembawang Primary School and the Bukit Canberra integrated hub. Although the site was small, developers may have viewed this “positively”, hedging it against market uncertainty, he added.

Deputy Group CEO of Realion (OrangeTee & ETC) Group Justin Quek said that of the sites launched for tender in Sembawang recently, this can be considered “the most attractive”. This site was closest to the MRT Station, and with a longer minimum occupation period of 10 years taking effect in this project, location may have become a decisive factor for buyers. “Moreover, the recent revision of the income ceiling to S$18,000 may also result in stronger demand when the project launches as more couples become eligible to purchase an EC,” he added. “We expect the EC project to garner keen buying interest when it launches in the future.” Another EC plot in Admiralty Walk has been launched for tender and will close on Dec 17. The results from that tender will “give a second reading” on how developers are valuing EC land under the new measures, said Ms Wong.

## Chinese translation

> Translation model: openai_codex_cli

### 新规下首个执行共管公寓招标吸引发展商创纪录高价竞标

政府此前修改执行共管公寓规则，希望借此压低发展商出价。

新加坡：新规下首个执行共管公寓（EC）政府售地计划（GLS）招标吸引了创纪录高价竞标。分析师此前预计，建屋发展局（HDB）于5月推出的Canberra Drive地段，鉴于新规会吸引更为保守的出价。这些新规包括将最低居住年限延长一倍至10年、取消递延付款计划，以及提高首次购房者配额和优先期。Canberra Drive也是8月家庭月收入顶限上调至18,000新元（14,060美元）后首个截止投标的执行共管公寓招标。这个面积11,535平方米、预计可提供约185个单位的地段，在周四（10月1日）招标截止后吸引了13份标书。根据HDB周四晚公布的临时结果，最高出价来自SNC3 Realty、HS Invesco和Kay Lim Realty的联合投标，金额为163,903,000新元。这相当于每平方英尺每容积率825新元（psf ppr）的创纪录价格，高于Sim Lian Group今年1月为Woodlands Drive 17执行共管公寓地段提交的每平方英尺每容积率794新元的此前纪录。Canberra地段收到的标书数量，是自2017年榜鹅Sumang Walk一个地段收到17份标书以来的最高水平。

执行共管公寓于1995年推出，旨在为希望拥有私人住宅的较高收入新加坡人提供一个选择。它们由私人发展商开发和销售，设计特色和设施类似私人公寓。5月宣布的新规，是帮助首次购房者成功购得单位的措施之一。国家发展部长徐芳达在宣布时表示，他希望新措施将“促使发展商降低其出价及其执行共管公寓的价格”。近年来，新的执行共管公寓单位中位价飙升，近期项目以创纪录价格推出。

出价范围广泛 PropNex研究与内容主管Wong Siew Ying表示，新执行共管公寓措施似乎并未阻却发展商。她补充说：“Canberra Drive执行共管公寓地段的标书数量和最高出价已远超我们的预期。”“我们认为，招标之所以吸引更踊跃参与，可能是因为市场预期新执行共管公寓措施会让竞标更谨慎，使发展商有理由参与，寄望较温和的出价也可能成功。”Wong女士表示，如果该地段授予最高出价者，她预计这个执行共管公寓项目的平均售价可能约为每平方英尺1,900新元。前几名出价相当接近。第二高出价来自Intrepid Investments和TID Residential，为每平方英尺每容积率803新元；第三高出价来自由Apex Asia牵头的财团，为每平方英尺每容积率798新元。招标推出时，PropNex此前预计最高出价约为每平方英尺每容积率620新元至660新元。ERA Singapore主要执行官Eugene Lim表示，13名竞标者的广泛阵容显示，发展商对执行共管公寓土地的热情“依然不减”，因为他们正在新执行共管公寓规则和更高首次购房者资格覆盖范围下摸索“未知领域”。他补充说：“尽管参与情况强劲，最高与最低出价之间128.5%的显著价差，揭示了各方对未来执行共管公寓反应的看法大相径庭。”“乐观的竞标者可能看到了合格首次购房者群体扩大带来的上行空间，而较保守的参与者可能已将这一买家群体更高的价格敏感度纳入考量，尤其是在没有递延付款计划缓冲的情况下。”

具吸引力的地段 Lim先生指出，该地段距离Canberra地铁站步行约10分钟，提供了一个“强有力的卖点”。该土地也靠近多个主要邻里设施，如Sembawang Shopping Centre、Canberra Plaza、Sembawang Primary School和Bukit Canberra综合中心。他补充说，尽管该地段规模较小，发展商可能会“正面”看待这一点，将其作为对冲市场不确定性的因素。

Realion（OrangeTee & ETC）Group副集团首席执行官Justin Quek表示，在近来于三巴旺推出招标的地段中，这个地段可被视为“最具吸引力”。该地段最靠近地铁站，而随着该项目实施10年较长最低居住年限，位置可能已成为买家的决定性因素。他补充说：“此外，近期将收入顶限修订为18,000新元，也可能在项目推出时带来更强需求，因为更多夫妻将符合购买执行共管公寓的资格。”“我们预计该执行共管公寓项目未来推出时将获得买家的浓厚兴趣。”Admiralty Walk另一个执行共管公寓地段已推出招标，并将于12月17日截止。Wong女士表示，该招标结果将为发展商如何在新措施下评估执行共管公寓土地价值提供“第二次读数”。