City Developments Limited (CDL) has emerged as the top bidder for two Executive Condominium (EC) sites at Senja Close and Woodlands Drive 17, according to Knight Frank Singapore. The Government Land Sales (GLS) tenders for these sites closed with both achieving land rates above expectations, surpassing the previous record of S$768 per square foot per plot ratio (psf ppr) set in October 2024.
The Senja Close site attracted a top bid of S$771 psf ppr, despite its distance from an MRT station. Leonard Tay, Head of Research at Knight Frank Singapore, noted that the site could appeal to first-time buyers and HDB upgraders due to the lack of recent EC projects in the Bukit Panjang Planning Area. The area is well-served by amenities such as parks, hawker centres, and schools, making it attractive for families.
Meanwhile, the Woodlands Drive 17 site, located near Woodlands South MRT Station and the Woodlands Health Campus, achieved a record land rate of S$782 psf ppr. Tay highlighted the site’s potential benefits from the Johor Bahru–Singapore Rapid Transit System and the Johor-Singapore Special Economic Zone, positioning Woodlands as a growth area.
Both sites received five bids each, indicating strong interest from developers. If awarded, CDL will significantly strengthen its presence in the EC market. Launch prices for these projects are expected to start just under S$1,800 psf, with average prices ranging from S$1,900 to S$2,000 psf, depending on various factors.
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