The Housing & Development
Board (HDB) has just closed the tender for an executive condominium (EC) site
at Woodlands Drive 17 under the 2H2025 Government Land Sales (GLS) programme.
The site can yield approximately 560 units.
There were three bids
received for this plot, which was within our expectations. The highest bid was
from Sim Lian Land Pte Ltd and Sim Lian Development Pte Ltd at a bid price of
S$484,000,000 or around S$794 psf ppr, which was above our expectations, and is
around 0.4 per cent higher than the next highest bid from CNQC Realty (Prime)
Pte. Ltd., Forsea Residence Pte. Ltd. and Jianan Realty Investments (1) Pte.
Ltd.. The top two bids were both above the previous record land rate of S$782
psf ppr, making the highest bid in this tender the new highest land rate
submitted for an EC site. The most recent EC land parcel sold in the area, also
at Woodlands Drive 17, was awarded at the previous benchmark land rate of S$782
psf ppr in August 2025.
We anticipate strong demand
for the future project here, given the unique attributes of the site. The EC
site is well located, within 1-2 km of numerous primary schools, including
Innova Primary School, Woodgrove Primary School, Si Ling Primary School, Woodlands
Primary School, and Woodlands Ring Primary School. It is also near secondary
schools like Christ Church Secondary School, and Woodgrove Secondary School.
Hence, it may appeal to families with school-going children.
Another strong attribute of
the site is that it is within walking distance of the Woodlands South MRT
Station on the Thomson-East Coast Line (TEL), providing commuters with direct
access to Orchard via the TEL in just over half an hour. The future development
of the Woodlands Regional Centre into the largest economic hub in Singapore’s
North Region, would also make the future project enticing for those working or
planning to work there. As the site will be quite near the upcoming Johor
Bahru-Singapore Rapid Transit System (RTS) via the TEL, there may be keen
demand for the project in the future from foreigners after the EC is
privatised. Therefore, residents will find the site accessible and
well-connected to many parts of the island.
New EC supply in Woodlands
has remained relatively scarce. Prior to the award of the earlier EC parcel at
Woodlands Drive 17 in August 2025, the previous EC land parcel in Woodlands had
been sold in 2015. The significant time gap between the injection of new ECs in
Woodlands, may result in strong pent-up demand from HDB upgraders for ECs in
Woodlands. Over 2,700 4-room and 5-room flats will be reaching MOP in 2026 and
2027 at the nearby towns of Woodlands, Sembawang, and Yishun, which will
further contribute to upgrader demand. This may have contributed to the keen
interest in this land parcel.
The increase in housing
supply here will continue to support the development of the North Region,
encouraging more people to move closer to the up-and-coming transformation of
Woodlands with new employment nodes and amenities.