Sim Lian submits top bid of $794 psf ppr for second EC site at Woodlands Drive 17
Wong Shanting, director and head of study at Newmark Singapore, anticipates both upcoming EC undertakings around Woodlands Drive 17 to introduce in late 2026 or early 2027 with costs at about $1,750 to $1,850 psf. At The Same Time, Leonard Tay, head of study at Knight Frank Singapore, prepares for launch costs over $1,800 psf, with a common cost in between $1,900 psf and $2,000 psf.
“The slim cost space in between the leading 2 proposals cues solid developer assurance in Woodlands’ continued development, secured by its change right into a local hub,” states ERA Singapore’s Lim.
Eugene Lim, essential controlling officer of ERA Singapore, mirrors this belief and indicates that ECs continue to be an eye-catching alternative for customers that satisfy the $16,000 revenue ceiling, provided their loved one price contrasted to private homes. Lim adds that need for the upcoming EC property development in the future from HDB upgraders in the Woodlands location, with approximately 1,411 four-room and wider apartments anticipated to hit their Minimum Occupation Period (MOP) in between 2022 and 2026.
Mark Yip, Chief Executive Officer of Huttons Asia, points out the testimonial of the earnings ceiling for clients of EC units as one of the factors for the “positive” succeeding quote.
Before this, the previous EC plot granted in the location was a plot around Woodlands Sight in 2015, that has ever since been become the 358-unit Northwave by Hao Yuan Investment.
The tender for the 2nd EC location at Woodlands Drive 17 was released in October previous year. It is positioned on a 99-year leasehold plot spanning 290,412 sq ft. The location has a plot ratio of 2.1 and is anticipated to produce around 560 EC units, with an optimum gross flooring area (GFA) of 609,867 sq ft.
Both EC locations are near to Woodlands South MRT Stop (Thomson-East Coast Line), which is 2 halts from Woodlands North Stop, the Singapore terminus for the Johor-Singapore Rapid Transit System (RTS), schedule for conclusion by the closing of 2026. It is likewise close to the Johor-Singapore Special Economic Zone.
The proposals were additionally close in this most current tender, with Sim Lian’s bid just 0.5% greater than the second-highest quote of $482.1 million ($790 psf ppr), sent by a mutual venture consisting of Qingjian Realty, Forsea Holdings and Jianan Realty Investments. The 3rd bid originated from a mutual investing in between Hong Leong Holdings’ Intrepid Investments and TID (a mutual enterprise in between Hong Leong Group and Mitsui Fudosan) at $463.5 million ($760 psf ppr).
The next executive condominium (EC) place at Woodlands Drive 17 lured 3 proposals when it ended on Jan 13, with Sim Lian Group coming up with the top proposal of $484 million ($794 psf per plot ratio).
Looking in advance, Mohan Sandrasegeran, head of research study and data analytics at SRI, anticipates pricing force in the EC market to “end up being much more gauged over the lengthier term” in the middle of the increase of brand-new supply. This consists of the Miltonia Close EC location, that is slated to generate 430 units and will certainly shut its tender on April 14. 2 even more EC sites under the 1H2026 GLS program– Canberra Drive, anticipated to release in May, and Sembawang Drive, established for a June launch– will additionally add to the upcoming supply.
Zyon Grand CDL & Mitsui Fudosan
Sim Lian’s leading proposal is simply 1.5% more than the $782 psf ppr paid by City Developments (CDL) when it earned the tender for the neighbouring EC spot at Woodlands Drive 17, after sending the greatest of five offers at the end of the tender in August 2025. CDL’s quote was taken into consideration a brand-new record at that point.
Northwave was introduced in 2016, with units costing an ordinary cost of $750 psf, based upon cautions lodged. Finished in 2019, the property development documented around 48 resale deals in 2025 at an ordinary rate of $1,258 psf.
