Sim Lian submits top bid of $794 psf ppr for second EC site at Woodlands Drive 17
The tender for the 2nd EC location at Woodlands Drive 17 was introduced 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.
Northwave was released in 2016, with units costing a typical cost of $750 psf, based upon cautions lodged. Finished in 2019, the property development reported around 48 resale deals in 2025 at a typical cost of $1,258 psf.
Both EC areas are near to Woodlands South MRT Stop (Thomson-East Coast Line), which is 2 halts from Woodlands North Terminal, the Singapore terminus for the Johor-Singapore Rapid Transit System (RTS), schedule for conclusion by the closing of 2026. It is additionally close to the Johor-Singapore Special Economic Zone.
Sim Lian’s leading proposal is simply 1.5% greater than the $782 psf ppr paid by City Developments (CDL) when it gained the tender for the neighbouring EC location at Woodlands Drive 17, after sending the highest possible of five offers at the end of the tender in August 2025. CDL’s proposal was taken into consideration a brand-new record after that.
Looking in advance, Mohan Sandrasegeran, head of research study and data analytics at SRI, anticipates pricing force in the EC market to “come to be a lot 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.
Eugene Lim, major directing officer of ERA Singapore, mirrors this view and indicates that ECs continue to be an eye-catching choice for customers that fulfill 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 place, with about 1,411 four-room and bigger 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 turned into the 358-unit Northwave by Hao Yuan Investment.
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. At The Same Time, Leonard Tay, head of research study at Knight Frank Singapore, expects launch costs over $1,800 psf, with a common rate in between $1,900 psf and $2,000 psf.
The next executive condominium (EC) place at Woodlands Drive 17 attracted 3 quotes when it shut on Jan 13, with Sim Lian Group coming up with the best quote of $484 million ($794 psf per plot ratio).
Mark Yip, Chief Executive Officer of Huttons Asia, points out the evaluation of the earnings ceiling for investors of EC units as one of the factors for the “certain” attaining quote.
“The slim rate space in between the leading 2 quotes signs solid developer assurance in Woodlands’ continued development, secured by its change right into a local hub,” states ERA Singapore’s Lim.
The proposals were additionally close in this most recent tender, with Sim Lian’s bid just 0.5% greater than the second-highest proposal of $482.1 million ($790 psf ppr), sent by a shared venture consisting of Qingjian Realty, Forsea Holdings and Jianan Realty Investments. The 3rd bid originated from a common project 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).
