The Housing Development Board (HDB) has announced the tender results for two executive condominium (EC) sites in Senja Close and Woodlands Drive 17, which could potentially offer a combined total of 715 new EC units. These sites, part of the 1H 2025 Confirmed List of the government land sales (GLS) programme, mark the first EC GLS tenders to close this year.
Both sites received five bids each, with the top bids surpassing the current record land rate for an EC GLS site. Wong Siew Ying, Head of Research and Content at PropNex, noted that despite the increased supply of EC sites and the batched tender close, developers remained keen, likely due to the strong fundamentals supporting the EC segment.
The Woodlands Drive 17 site, which could yield 420 new units, saw a top bid of $361 million from City Developments Limited, translating to a land rate of $782 per square foot per plot ratio (psf ppr). This bid narrowly surpassed the second highest bid from Sim Lian Group. The site’s proximity to the Woodlands South MRT station and other amenities makes it attractive to developers.
Meanwhile, the Senja Close site, capable of producing 295 units, also attracted a top bid from City Developments Limited at $253 million, equating to a land rate of $771 psf ppr. This site is strategically located near the Jelapang LRT station and various schools, which is expected to draw interest from HDB upgraders in the area.
With these developments, PropNex anticipates continued confidence in the EC market due to limited supply and stable demand, particularly among first-time homebuyers and HDB upgraders. The EC segment remains appealing due to its affordability compared to other new condominiums.
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