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

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.”