Commentary on the Closing of the Tender for the EC Land Parcel at Woodlands Drive 17

SINGAPORE, 5 August 2025 – The tender for the EC site at Woodlands Drive 17 attracted five bids, with the highest bid of $360.9 million (or $782 psf ppr) submitted by City Developments Limited.

 The winning bid is just 0.2% higher than the next highest bidder, showing intense competition for the site. The narrow margin demonstrates strong developer confidence in the potential of this EC site.

Given that no new ECs have been launched since Northwave in 2016, developers are likely anticipating pent-up demand in the area. The strong demand for the Woodlands Drive 17 EC site was within expectations.

The site also boasts desirable attributes that buyers look for, particularly its proximity to a nearby MRT station. Additionally, the area holds strong growth potential, supported by the ongoing North Coast Innovation Corridor and Woodlands Regional Centre development. These factors likely enhance developers’ interests, as they look to meet the housing needs of the growing town.

“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.

For media enquiries, please contact:

Lisha Rodney
Public Relations Manager, ERA Singapore

Email: [email protected]

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