CDL submits record-breaking bid of $782 psf ppr for EC site at Woodlands Drive 17
The EC site at Woodlands Drive 17 that received a record high bid of $782 psf ppr (Source: EdgeProp Landlens)
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The executive condo (EC) site at Woodlands Drive 17 drew five bids when it closed on August 5, with City Developments Ltd (CDL) submitting the top bid of $360.9 million ($782 psf ppr), setting a new per sq ft record for EC sites. CDL’s bid exceeds Sim Lian Group’s offer of $360.28 million or $781 psf ppr by just $1 psf ppr.
CDL also emerged as the top bidder for the EC site tender at Senja Close in Bukit Panjang, which closed on the same day. The developer submitted a bid of $252.899 million or $771 psf ppr for the site.
Sherman Kwek, CDL group CEO, said in a statement, “We are delighted to have emerged as the top bidder for these two well-located and highly sought-after EC sites. For the Woodlands Drive 17 site, our bid is 0.17% over the next highest bidder.”
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Wong Siew Ying, head of research and content at PropNex, says the 0.17% price gap between the top two bidders indicates an alignment in developers’ outlook for the site. “This is likely due to its attractive locational attributes,” she says.
The EC site at Woodlands Drive 17 is situated on a 99-year leasehold of 271,328 sq ft. It was launched for sale on April 8. The site has a plot ratio of 1.7 and can yield about 420 units, with a maximum gross floor area (GFA) of 461,259 sq ft.
Mark Yip, CEO of Huttons Asia, reckons that “The tender results and bid prices will set expectations for another upcoming EC parcel along the same street,” which is scheduled for launch in October.
The EC site at Woodlands Drive 17 is within a five-minute walk from Woodlands South MRT station on the Thomson-East Coast Line (TEL), one train stop from Woodlands Regional Centre and two stops to the Johor Bahru-Singapore Rapid Transit System (RTS) link.
The EC site at Woodlands Drive 17 is within a five-minute walk from Woodlands South MRT station on the Thomson-East Coast Line (TEL), one train stop from Woodlands Regional Centre and two stops to the Johor Bahru-Singapore Rapid Transit System (RTS) link.
Further down Woodlands Drive 17 is another EC site that is scheduled for launch in October (Source: EdgeProp Landlens)
The Woodlands Regional Centre is likely to be a major transformation in the north of Singapore, says Huttons’ Yip. He points to the Woodlands Health Campus, the finalisation of the Johor-Singapore Special Economic Zone (SEZ) in 2024, and the development of the Woodlands North housing area in 2025. The RTS is also targeted for completion in 2026.
Yip from Huttons notes that about 6,000 flats have reached the five-year minimum occupation period (MOP). This will form a potential pool of upgraders for the EC project when it is launched sometime in 2027.
Yip from Huttons notes that about 6,000 flats have reached the five-year minimum occupation period (MOP). This will form a potential pool of upgraders for the EC project when it is launched sometime in 2027.
“The top bid of $782 psf ppr is now the highest on record,” says Leonard Tay, head of research for Knight Frank Singapore. He reckons it could translate into a possible launch price just above $1,800 psf. He also expects an overall average price between $1,900 and $2,000 psf.
Across the road from the EC site is Norwood Grand, the 348-unit, 99-year leasehold private condo by CDL. Launched last October, Norwood Grand is already 85% sold at an average price of $2,066 psf.
PropNex’s Wong notes that the anticipated pent-up demand for new ECs in Woodlands may make the site more attractive to developers. She adds that the last new EC launch in the area was the 358-unit Northwave by Hao Yuan Investment.
Northwave was launched in July 2016, with units selling at an average price of $750 psf, based on caveats lodged. The project was completed in 2017. Based on caveats lodged between January and July 2025, about 33 units have changed hands at an average price of $1,262 psf. This represents a 68% increase.
Before Northwave marked the launch of another EC, the 561-unit Bellewoods in December 2014. Located at Woodlands Avenue 5, Bellewoods was developed by Qingjian Realty and completed in 2017.
For Bellewoods, 16 units changed hands in the resale market from January to June this year. Prices ranged from $1,255 to $1,367 psf, and averaged $1,326 psf. Compared to its launch average of $795 psf, this represents a 67% increase, based on Huttons’ data.
CDL’s two recent EC projects, the 512-unit Lumina Grand in Bukit Batok West and the 639-unit Copen Grand in Tengah, have both been sold out. “ECs represent an important segment of Singapore’s housing market,” says Kwek.
The two new EC sites at Senja Close and Woodlands Drive 17, which total over 700 units, therefore “represent a timely replenishment of our development pipeline in Singapore”, adds Kwek.
Eugene Lim, key executive officer of ERA Singapore, expects both EC sites to be launched for sale after November 2026, after factoring in the 15-month wait-out period. He expects up to four EC launches in 2026, yielding around 1,985 units, with the Tampines Street 95 and Jalan Loyang Besar EC sites likely to launch sometime in 1Q2026.
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