Woodlands Drive 17 (EC) – Government Land Sale (GLS) Site Analysis

The tender for the Executive Condominium (EC) Government Land Sale (GLS) site at Woodlands Drive 17 closed on 5 August 2025. In total, the site drew interest from five bidders, with the top bid of $360.9 million (or $782 psf ppr) being put in by CDL Divine Pte Ltd.

Table 1: Woodlands Drive 17 (EC) GLS Closing Tenderers

Source: HDB, ERA Research and Market Intelligence

This is the first site to be closed in Woodlands Drive. A second site EC site, also adjacent to Woodlands Health Campus will be launched for tender in 2H 2025. This EC site is the first in Woodlands since the launch of Northwave EC in 2016.

Site Details

Location

This EC site is located within 5 minutes’ walking distance from Woodlands South MRT on the Thomson-East Coast line, which is just one stop away from Woodlands interchange, providing a transit option to the North-South line and a bus interchange. Through the TEL, residents can reach Orchard in just under 35 minutes, and the CBD in about 45 minutes.

The site will also be conveniently located along the Seletar Expressway (SLE), which will grant residents an easy commute to the city through the connecting Central Expressway (CTE) in around 30 minutes.

Woodlands regional centre is also undergoing transformation into a new lifestyle and commercial hub, housing a range of office spaces, retail malls, and entertainment options just one stop away. These include existing points of interest such as Causeway Point shopping centre and Woodlands Civic Centre, alongside future developments to come.

Price and Market Trends

Between 1Q 2020 and 1Q 2025, the median price psf of ECs in Woodlands, District 25, and OCR have increased across the board.

Table 2: All Sale Prices of Executive Condominiums

Source: URA as at 5 August 2025, ERA Research and Market Intelligence

ECs in Woodlands have seen considerable price growth compared to the rest of the RCR. This could influence buyer demand for the future project at Woodlands Drive 17 and possibly compel developers to bid more aggressively for the site.

ECs are a popular choice amongst HDB upgraders

ECs have consistently been a popular choice among HDB upgraders. This is due to their more accessible pricing compared to private condos. Last year, new homes sized between 900 to 1,000 sqft in the OCR saw a 42% difference in median prices between ECs ($1.48M) and private condos ($2.10M). This gap highlights the value proposition of ECs, particularly for HDB upgraders who meet the income ceiling of $16K. Hence, buyers, particularly HDB upgraders, see value in ECs.

Apart from commanding lower prices than new private condos in the OCR, homebuyers have the additional flexibility of not needing to dispose of their existing home, prior to purchasing an EC. This is on top of the added benefit of ABSD remission for Singaporean purchasers.

Moreover, EC buyers may opt for the Deferred Payment Scheme (DPS), whereby they will only need to pay a deposit and defer their EC loan till after it has been completed. In this way, the buyers will not need to service two mortgages while waiting for their new home.

With no ABSD payable and the availability of the DPS, HDB owners will find it easier to upgrade to new ECs.

Potential Demand

Demand for this future EC development will come primarily from HDB upgraders in Woodlands, although we could see interest from upgraders coming from nearby towns in the North, such as Sembawang and Yishun.

Between 2022 and 2026 alone, 1,411 (4-room and larger) flats in Woodlands will reach their Minimum Occupation Period. Thus, many of these HDB upgraders will likely consider the upcoming development in their upgrading plans.. 

There is a pent up demand for new homes in Woodlands, which can be seen from the performance of Norwood Grand, located 5-minutes away from this GLS site. To date, the project has sold all of its 1-, 2-, and 3-bedroom units, selling 83% of its total stock at $2,080 psf. This shows a strong demand in the north for affordably priced private property, which should encourage developers to bid for the site.

Shortage of New ECs

The supply of EC sites has been moderate, with only two sites released annually since 2019. The recently launched Otto Place has sold 60.5% of its units since its debut in late July and will open for second-timer applications on 19 August. The steady take-up highlights the underlying demand for ECs amid a limited pipeline.

The last Executive Condominium project to launch in Woodlands was Northwave, launched in 2016. With no new EC launches in almost a decade, there is sure to be pent-up demand among for ECs in the area. This could compel developers to bid more competitively for the site to seize the opportunity to plug the gap in this segment of the market.

Moreover, North Gaia, the last EC to launch in the north region in 2022 has recently sold all its remaining units. The scarcity of new EC stock for north-dwelling homebuyers will be a key factor fuelling demand for the future project at Woodlands Drive 17.

Table 3: EC units in the pipeline

Source: HDB, URA, ERA Research and Market Intelligence

Developers have to be cautious because of buyers’ affordability

Due to the income ceiling of $16,000, as well as the Mortgage Servicing Ratio (MSR) and Total Debt Servicing Ratio (TDSR), the maximum loan a buyer can borrow is approximately $1.01 million. Amid rising EC prices, and a cap in loan quantum, EC buyers will now have to satisfy a larger initial cash outlay.

This may potentially deter upgraders to enter the EC market, instead opting for full private condominiums. Although they come with a higher price tag, buyers may only need to put a lower downpayment. Moreover, they can take a larger loan as private properties are only subjected to only the TDSR, and not the MSR.

Conclusion

“This GLS exercise drew in the highest bid for an EC site. The top bid, at $782 psf ppr, surpasses the previous high of $768 psf ppr for the Tampines Street 95 EC site, both located in an established HDB estate. The tight price gap between the first and second bidder signals strong developer confidence in Woodlands’ long-term prospects, underpinned by its ongoing transformation into a regional hub. The area is poised to benefit from enhanced transport connectivity, including the future RTS Link to Johor Bahru, and the progressive development of new amenities.” Said Eugene Lim, Key Executive Officer, ERA Singapore.

“Factoring in the 15-month wait-out period, both sites are expected to launch after November 2026. In total, we may see up to four EC launches in 2026, yielding around 1,985 units. The Tampines St 95 and Jalan Loyang Besar sites are likely to launch in Q1 2025.”

“The comparatively lower EC land costs, compared to private homes, ECs present developers with a more measured level of risks. But with EC land cost on the rise, coupled with the MSR and income cap limitation, ECs are gradually becoming more aligned with the needs of second-time buyers looking to upgrade from their HDB flats, while remaining an aspirational option for first-time buyers who are willing to shell out a hefty downpayment.”

 “The supply of EC sites has been moderate, with only two sites released annually since 2019. The recently launched Otto Place has sold 60.5% of its units since its debut in late July and will open for second-timer applications on 19 August. The steady take-up highlights the underlying demand for ECs amid a limited pipeline.”

“CDL’s optimistic bids for both sites is reflective of their confidence in the present EC market. This positivity likely stems from the resilient demand observed at recent EC launches and the tight EC supply.”

Demand for this future EC development is expected to come primarily from HDB upgraders in Woodlands. Between 2022 and 2026 alone, 1,411 (4-room and larger) flats in Woodlands will reach their Minimum Occupation Period. Thus, many of these HDB upgraders will likely consider the upcoming development in their upgrading plans.

Disclaimer

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