Huttons Asia has provided insights into the recent Government Land Sales (GLS) for executive condominium (EC) sites at Senja Close and Woodlands Drive 17, both of which attracted five bidders each. The top bids were $771 per square foot per plot ratio (psf ppr) for Senja Close and $782 psf ppr for Woodlands Drive 17, both submitted by City Developments Limited (CDL).
The Senja Close site marks the second EC development in Bukit Panjang in over a decade, following Blossom Residences in 2011, which has seen price gains of nearly 80%. The site is strategically located within a 500-metre walk to Jelapang LRT station, providing easy access to Bukit Panjang MRT station and various amenities, including malls and schools. With a potential pool of nearly 8,000 flats in Bukit Panjang and Choa Chu Kang meeting the five-year Minimum Occupation Period (MOP) by 2027, the site is expected to attract significant interest from HDB upgraders.
Similarly, the Woodlands Drive 17 site is positioned near Woodlands South MRT station, offering connectivity to the Woodlands Regional Centre and beyond. The last EC project in the area, Bellewoods, launched in 2014, has experienced a price increase of almost 70%. The upcoming development is poised to benefit from the transformation of the Woodlands Regional Centre, including the completion of the Johor-Singapore Special Economic Zone (SEZ) and the Rapid Transit System (RTS) link by 2026.
Mark Yip, CEO of Huttons Asia, noted the stability and attractiveness of the EC market, driven by a strong pipeline of HDB upgraders seeking private lifestyle options at competitive prices. Both projects are anticipated to launch in 2027, catering to the growing demand for ECs in Singapore’s west and north regions.
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