Sim Lian submits top bid of $794 psf ppr for second EC site at Woodlands Drive 17
The quotes were likewise close in this most recent tender, with Sim Lian’s bid just 0.5% more than the second-highest proposal 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 project in between Hong Leong Holdings’ Intrepid Investments and TID (a shared enterprise in between Hong Leong Group and Mitsui Fudosan) at $463.5 million ($760 psf ppr).
Both EC locations are nearby to Woodlands South MRT Terminal (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.
Sim Lian’s leading quote is simply 1.5% greater than the $782 psf ppr paid by City Developments (CDL) when it gained the tender for the neighbouring EC spot at Woodlands Drive 17, after sending the greatest of five quotes at the end of the tender in August 2025. CDL’s quote was thought about a brand-new record at that point.
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 produce 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.
Wong Shanting, director and head of study at Newmark Singapore, anticipates both upcoming EC undertakings around Woodlands Drive 17 to release in late 2026 or early 2027 with costs at approximately $1,750 to $1,850 psf. On The Other Hand, Leonard Tay, head of study at Knight Frank Singapore, prepares for launch costs over $1,800 psf, with a common rate in between $1,900 psf and $2,000 psf.
“The slim cost space in between the leading 2 proposals signs solid developer assurance in Woodlands’ continued development, secured by its change right into a local hub,” claims ERA Singapore’s Lim.
Eugene Lim, essential directing officer of ERA Singapore, mirrors this belief and indicates that ECs continue to be an eye-catching choice for purchasers that satisfy the $16,000 revenue ceiling, provided their loved one cost 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 about 1,411 four-room and wider apartments anticipated to hit their Minimum Occupation Period (MOP) in between 2022 and 2026.
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 spot at Woodlands Drive 17 was introduced in October previous year. It is located on a 99-year leasehold plot spanning 290,412 sq ft. The location has a plot ratio of 2.1 and is anticipated to generate around 560 EC units, with an optimum gross flooring area (GFA) of 609,867 sq ft.
The next executive condominium (EC) location at Woodlands Drive 17 attracted 3 quotes when it shut on Jan 13, with Sim Lian Group coming up with the best proposal of $484 million ($794 psf per plot ratio).
Mark Yip, Chief Executive Officer of Huttons Asia, points out the testimonial of the earnings ceiling for investors of EC units as one of the factors for the “positive” succeeding quote.
Northwave was introduced in 2016, with units costing a typical cost of $750 psf, based upon cautions lodged. Finished in 2019, the property development documented around 48 resale purchases in 2025 at an ordinary rate of $1,258 psf.
