Record bid for Canberra Drive EC site as 13 developers compete

The Canberra Drive executive condominium site attracted robust competition with 13 bids submitted, signalling strong developer interest in the first such tender since new rules took effect. The winning bid from the Santarli-led joint venture surpassed forecasts by market analysts, setting a new benchmark for EC launches under the revised framework. The strong showing reflects confidence among developers in the executive condominium segment despite broader economic uncertainties affecting Singapore's property market. The record-breaking bid underscores the continued appeal of EC projects, which offer an attractive entry point for first-time homebuyers and upgraders seeking quality housing at a lower price point than private residential properties. The result provides positive momentum for upcoming EC tenders and may encourage the authorities to release additional sites as part of their regular Housing and Development Board land sales programme.