Singapore's Housing and Development Board launched new EC (Executive Condominium) rules in May aimed at lowering developer bids and helping first-time home buyers, but the first tender under these rules attracted record-high bids, with the Canberra Drive EC plot receiving a top bid of S$809 psf ppr—far exceeding initial expectations of S$620-S$660 psf ppr. The unexpected strong bidding suggests developers remain enthusiastic about EC opportunities despite the regulatory changes, though the wide spread between bids reflects varied market outlooks.