CDL sets new benchmark for EC land with S$782 psf ppr bid for Woodlands plot
The developer also tops bids for another EC site at Senja Close with S$771 psf ppr offer
[SINGAPORE] In a determined bid to replenish its executive condominium (EC) project pipeline, City Developments Ltd (CDL) topped offers for two EC sites in Woodlands and Bukit Panjang at tenders that closed on Tuesday (Aug 5).
Both plots attracted strong interest from five bidders, with CDL’s offers setting new benchmarks for EC land.
For a Woodlands Drive 17 parcel that can accommodate 420 units, the residential heavyweight bid S$360.9 million or S$782 per square foot per plot ratio (psf ppr), slightly over the previous high set by Sim Lian’s S$768 psf ppr bid for a Tampines EC tendered in October 2024.
CDL’s bid was a mere S$1 psf ppr (0.2 per cent) higher than the second-highest of S$781 psf ppr (S$360.3 million) placed by Sim Lian Land and Sim Lian Development.
The other EC parcel tendered, a plot in Senja Close in Bukit Panjang for 295 units, was also topped by CDL at S$252.9 million or S$771 psf ppr.
Sherman Kwek, CDL’s group chief executive officer, said: “We are delighted to have emerged as the top bidder for these two well-located and highly sought-after EC sites, in particular for the Woodlands Drive 17 site where our bid is 0.2 per cent over the next highest bidder.”
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He added: “With the full sell-out of our recent EC projects, Lumina Grand in Bukit Batok West and Copen Grand in Tengah, these two new sites totalling over 700 units represent a timely replenishment of our development pipeline in Singapore.”
Woodlands plot bids
Three out of five bids for the 25,207 square metre (sq m) Woodlands plot came in above the previous high. The third-highest offer of S$355.2 million, or S$770 psf ppr, came from Intrepid Investments and TID Residential.
This was followed by a tie-up between Hoi Hup Realty and Sunway Developments, with a bid of S$352 million, or S$763 psf ppr. Coming in last was EL Development, which placed a bid of S$328.1 million or S$711 psf ppr.
Bids were at the high end of analysts’ expectations of S$700 to S$770 psf ppr.
At the S$782 psf ppr land rate, Knight Frank’s head of research Leonard Tay expects the project to launch at a starting price just above S$1,800 psf, with an average between S$1,900 and S$2,000 psf.
Prices of EC projects have trended upwards over the last few years, held up by limited supply and strong demand.
The most recent EC launch is Otto Place by developers Hoi Hup Realty and Sunway Developments, which clinched the site for S$423.4 million or S$701 psf ppr in February 2024. The Tengah project sold 351, or 58.5 per cent, of its 600 units during its launch in July. The average price of its units sold under the normal payment scheme was S$1,700 psf.
PropNex head of research and content Wong Siew Ying noted that the tighter bid price gap among the top bidders indicates some alignment in developers’ outlook for the site.
The plot, which has a maximum gross floor area (GFA) of 42,853 sq m, is within walking distance to the Woodlands South MRT station. It is also one stop to the Woodlands Regional Centre, and two stops to Woodlands North, where the upcoming RTS Link will be located.
The last EC parcel awarded in Woodlands was in 2015, and went to Hao Yuan Investment for S$103.8 million or S$278 psf ppr. The project, Northwave EC, was launched for sale in 2016 and has a median new sale price of S$779 psf.
OrangeTee’s chief executive Justin Quek pointed out that another EC site in the vicinity, which can yield 560 units, will be released for sale in October 2025.
Despite the higher supply, Quek expects developer interest and homebuyer demand to be robust for both projects.
Huttons Asia’s chief executive Mark Yip reckoned that about 6,000 public housing flats that have reached their five-year minimum occupation period (MOP) could serve as a potential upgrader base for the EC project on the Woodlands Drive plot when it launches in 2027.
Senja Close bids
For the Senja Close site, CDL also beat four other bidders, with its offer of S$252.9 million or S$771 psf ppr. At that land rate, PropNex’s Wong expects the project to be priced above S$1,800 psf on average.
TID Residential was the next highest bidder at S$238 million or S$726 psf ppr. JBE Holdings’ Oriental Pacific Development came third with a bid of S$234.9 million or S$716 psf ppr. Next was Wee Hur Development at S$231.4 million or S$705 psf ppr. The lowest bid was by a tie-up between ABR, RP Ventures and LWH, with a bid of S$230.9 million or S$704 psf ppr.
Consultants had expected bids of between S$600 and S$750 psf ppr.
Located along the Kranji Expressway, the 10,159.2 sq m site has a maximum GFA of 30,478 sq m, of which at least 500 sq m will be for an early childhood development centre that can take in up to 100 children.
ERA Singapore’s key executive officer Eugene Lim said demand will come primarily from upgraders living in and around the area. Between 2022 and 2026, about 1,774 public housing flats in the vicinity will fulfil their MOP.
The last EC parcel awarded in the Bukit Panjang area was acquired in 2010 by CDL for S$182 million or S$271 psf ppr. The project, Blossom Residences, was launched for sale later in 2011, and had a median new sale price of S$704 psf, according to caveats lodged.
EC segment resilient
Limited stock and steady demand for new ECs ensures developers’ confidence in the segment, said PropNex’s Wong. About 260 new EC units remain unsold, most of them from Otto Place, which launched in July 2025.
Based on caveats lodged, the median unit price of new EC units sold in the year to end-July 2025 was S$1,754 psf – 25 per cent lower than the median price of S$2,341 psf for new non-landed 99-year leasehold suburban condos sold over the same period, said Wong.
The availability of the Deferred Payment Scheme for the purchase of new EC units also helps buyers manage cashflow, she added.
ERA’s Lim said that with land costs generally lower than those of private housing sites, the EC segment offers developers a more measured risk profile.
But as land prices rise and factors such as the mortgage servicing ratio and income cap remain, ECs are increasingly catering to upgraders and first-timers willing to commit to a higher upfront downpayment, he added.
With three more EC plots being released as the government steps up supply in H2 2025, Singapore Realtors Inc’s head of research and data analytics Mohan Sandrasegeran expects prices to ease over time. The tender for the next EC site at Sembawang Road will close in September, while another plot at Woodlands Drive 17 will be launched in October, and Miltonia Close in December.
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