Sim Lian tops Woodlands Drive 17 EC tender at $794 psf ppr record

Parcel could yield about 560 units and sits near Woodlands South MRT and the planned RTS link, agents say.

The Woodlands Drive 17 executive condominium (EC) site drew three bids at tender, with Sim Lian Land and Sim Lian Development submitting the top offer at about $794 psf ppr, setting a new record for EC land prices.

Analysts said the tight spread between bids suggests broadly aligned developer expectations.

Huttons CEO Mark Yip said demand could be supported by a potential review of the EC buyer income ceiling by the time the project launches, which he estimates could be around 2027.

Yip also pointed to a sizeable upgrader pool from HDB flats completed between 2016 and 2021, as well as recent strong take-up at other EC projects. He highlighted the site’s proximity to Woodlands South MRT and the planned RTS link.

PropNex said the site, which could yield about 560 units, is the second EC parcel in Woodlands under the 2H 2025 Confirmed List.

Wong Siew Ying, Propnex head of research and content, noted that the winning bid narrowly beat a Qingjian-led consortium by about 0.4%, reinforcing the view of firm demand.

She added that with no new EC launches in Woodlands since 2016, pent-up demand could push average selling prices above $1,850 psf, and said rising prices may prompt a review of existing EC affordability measures.

Knight Frank said the $794 psf ppr land rate exceeded the previous record by about 1.5%.

Leonard Tay, Knight Frank's head of research, said the site’s appeal is linked to its access to Woodlands South MRT, the nearby Woodlands Health Campus, and longer-term growth tied to the RTS project, with launch prices potentially just above $1,800 psf.

Realion Group said the bid level came in above expectations and reiterated that EC supply in Woodlands has been limited in recent years. Deputy Group CEO Justin Quek said the site’s transport links and surrounding amenities could support demand, particularly from future upgraders in the North Region.

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