Can closed bid be used for second-hand private condos in the property market?

Yes, it is possible for second-hand private condominiums in Singapore to be sold using a closed bid system, but it is not common practice for typical individual resale transactions. In the Singapore property market, closed bidding—where buyers submit confidential offers and do not know other bidders’ prices—is more often used in special situations, such as during certain property auctions or sales events conducted by auction houses or agencies. For example, some agencies have adopted closed bidding formats for their auctions to ensure privacy and encourage more committed offers.

For standard resale of individual private condos, transactions are usually conducted through open negotiations between buyer and seller or via listing platforms where offers are received openly. Closed bid or sealed-bid methods are more frequently employed for collective sales (en bloc) or distressed/mortgagee sales, rather than for typical individual resale units.

If you are interested in a particular unit that is being marketed through closed bidding, it would typically be announced in the listing or by the marketing agent. Always check the sales method specified by the agent or platform to confirm.