Second Woodlands EC site sets record with top bid of S$794 psf ppr from Sim Lian

[SINGAPORE] The Sim Lian Group topped bids for an executive condominium (EC) site in Woodlands, setting a fresh record for EC land and beating out two other bidders at the close of a government tender on Tuesday (Jan 13).

However, market watchers noted that this was the lowest number of bids an EC site has received since 2015 when a Sengkang site on which Treasure Crest has been built also drew three bids. 

Tuesday’s tender closing pulled in fewer participants than for a nearby EC plot also along Woodlands Drive 17 that was awarded to City Developments Ltd (CDL), which attracted five bidders.

At S$484 million, the bid translates to S$794 per square foot per plot ratio (psf ppr), which was on the high end of the S$700 to S$800 psf ppr range that analysts polled by The Business Times expected.

The bid was also 1.5 per cent higher than the previous benchmark of S$782 psf ppr that CDL paid for a neighbouring EC plot last August.

At Tuesday’s tender closing, a consortium comprising Qingjian Realty, Forsea Residence and Jianan Realty Investments placed the second-highest bid, which was just a shade lower at S$482.1 million (S$790.5 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. The area is poised to benefit from enhanced transport connectivity, including the future RTS Link to Johor Bahru, as well as the continued roll-out of new amenities,” said Eugene Lim, ERA Singapore’s key executive officer. 

The third bid of S$463.5 million (S$760 psf ppr) came from two Hong Leong Group entities – Intrepid Investments and TID Residential.

The 99-year leasehold plot along Woodlands Drive 17 can accommodate around 560 homes. It sits on a 26,979.9 square metre plot. 

New EC prices hit new highs in 2025, amid rising land costs and fierce competition among developers for prime sites. The median price of new EC units crossed the S$1,700 psf mark for the first time during the year, based on data compiled by Cushman & Wakefield.

This was a 14 per cent increase from the S$1,538 psf median price of units sold in 2024, and more than double the S$797 psf recorded 10 years ago in 2015. 

Wong Shanting, director and head of research at Newmark Singapore, expects the second Woodlands Drive 17 plot to be launched at around S$1,750 psf to S$1,850 psf. 

Three EC sites were sold last year, with keen competition for two plots in Woodlands and Senja Close. Both were snapped up by CDL, at S$782 psf ppr for the Woodlands site and S$771 psf ppr for the Bukit Panjang project.

The third EC parcel sold last year – a small, irregularly shaped Sembawang EC plot – drew a top bid of about S$692 psf ppr from JBE Holdings-owned Oriental Pacific Development. Four bids were placed, including a significantly lower bid of S$381 psf ppr from Sim Lian. 

Nicholas Mak, chief research officer at property portal Mogul.sg, noted that an EC site at Miltonia Close in Yishun is currently up for sale while two sites in Canberra Drive and Sembawang Drive are expected to be launched in the first half of 2026. “Some developers may be keeping their powder dry for the other GLS (government land sales)... tenders,” he said. 

Prior to the award of the earlier EC parcel at Woodlands Drive 17, the last EC site tendered in Woodlands was sold in 2015, said Justin Quek, deputy group CEO of Realion (OrangeTee & ETC) Group. 

Wong also pointed to the 84 per cent take-up at the Norwood Grand condo project during its October 2024 launch, saying it indicated strong pent-up demand for new homes in the area.