Sim Lian submits top bid of $794 psf ppr for second EC site at Woodlands Drive 17
The second executive condo (EC) site at Woodlands Drive 17 drew three bids when it closed on Jan 13, with Sim Lian Group emerging with the highest bid of $484 million ($794 psf per plot ratio) (Source: EdgeProp Landlens)
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The second executive condo (EC) site at Woodlands Drive 17 drew three bids when it closed on Jan 13, with Sim Lian Group emerging with the highest bid of $484 million ($794 psf per plot ratio).
Sim Lian’s top bid is just 1.5% higher than the $782 psf ppr paid by City Developments (CDL) when it won the tender for the neighbouring EC site at Woodlands Drive 17, after submitting the highest of five bids at the close of the tender in August 2025. CDL’s bid was considered a new record then.
Mark Yip, CEO of Huttons Asia, cites the review of the income ceiling for buyers of EC units as one of the reasons for the “confident” winning bid.
Eugene Lim, key executive officer of ERA Singapore, echoes this sentiment and notes that ECs remain an attractive option for buyers who meet the $16,000 income ceiling, given their relative affordability compared to private homes. Lim adds that demand for the upcoming EC development to come from HDB upgraders in the Woodlands area, with around 1,411 four-room and larger flats expected to reach their Minimum Occupation Period (MOP) between 2022 and 2026.
The bids were also close in this latest tender, with Sim Lian’s bid just 0.5% higher than the second-highest bid of $482.1 million ($790 psf ppr), submitted by a joint venture comprising Qingjian Realty, Forsea Holdings and Jianan Realty Investments. The third bid came from a joint venture between Hong Leong Holdings’ Intrepid Investments and TID (a joint venture between Hong Leong Group and Mitsui Fudosan) at $463.5 million ($760 psf ppr).
“The narrow price gap between the top two bids signals strong developer confidence in Woodlands’ long-term growth, anchored by its transformation into a regional hub,” says ERA Singapore’s Lim.
The tender for the second EC site at Woodlands Drive 17 was launched in October last year. It is situated on a 99-year leasehold plot spanning 290,412 sq ft. The site has a plot ratio of 2.1 and is expected to yield about 560 EC units, with a maximum gross floor area (GFA) of 609,867 sq ft.
Source: PropNex Research, HDB, *site not awarded yet
Both EC sites are close to Woodlands South MRT Station (Thomson-East Coast Line), which is two stops from Woodlands North Station, the Singapore terminus for the Johor-Singapore Rapid Transit System (RTS), slated for completion by the end of 2026. It is also near the Johor-Singapore Special Economic Zone. The two EC sites are also near Woodlands Health Campus and several schools, says Wong Siew Ying, PropNex head of research and content.
"Prospective buyers may seek future upside in view of the ongoing transformation of the Woodlands regional centre," Wong points out.
Prior to this, the last EC plot awarded in the area was a plot along Woodlands View in 2015, which has since been developed into the 358-unit Northwave by Hao Yuan Investment. Northwave was launched in 2016, with units selling at an average price of $750 psf, based on caveats lodged. Completed in 2019, the development recorded around 48 resale transactions last year at an average price of $1,258 psf.
Before Northwave EC, the previous new EC launch was the 561-unit BelleWoods, which was launched in 2014. Wong anticipates that the depth of demand for new EC units, including among HDB upgraders, may support sales and the two future EC projects in Woodlands Drive 17.
Looking ahead, Mohan Sandrasegeran, head of research and data analytics at SRI, expects pricing momentum in the EC market to “become more measured over the longer term” amid the influx of new supply. This includes the Miltonia Close EC site, which is slated to yield 430 units and will close its tender on April 14. Two more EC sites under the 1H2026 GLS programme – Canberra Drive, expected to launch in May, and Sembawang Drive, set for a June launch – will also contribute to the upcoming supply.
Wong Shanting, director and head of research at Newmark Singapore, expects both upcoming EC projects along Woodlands Drive 17 to launch in late 2026 or early 2027 with prices at around $1,750 to $1,850 psf. Meanwhile, Leonard Tay, head of research at Knight Frank Singapore, anticipates launch prices above $1,800 psf, with an average price between $1,900 psf and $2,000 psf.
PropNex's Wong expects the average selling price to be above $1,850 psf as well. "In view of the rising land cost and, in turn, selling prices of new ECs, PropNex hopes that the government will consider raising the 30% mortgage servicing ratio (MSR), or the monthly household income ceiling," she says. The monthly household income ceiling for ECs is currently at $16,000, while for HDB households, it's $14,000.
Check out the latest listings for Northwave properties
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