The Housing Development Board (HDB) has launched a government land sales (GLS) tender for an executive condominium (EC) site at Woodlands Drive 17, expected to yield approximately 560 new units. This follows the award of a previous EC site in the same area in August, which set a record land rate of $782 per square foot per plot ratio (psf ppr).
Located near the Woodlands South MRT station, several schools, and the Woodlands Health Campus, the site is anticipated to draw significant interest from developers. Wong Siew Ying, Head of Research and Content at PropNex, noted that the elevated land price of the first site may influence bidding strategies, as developers balance market expectations with affordability concerns. Buyers of new EC units face a 30% mortgage servicing ratio and a monthly household income ceiling of $16,000.
City Developments (CDL), which secured the first Woodlands Drive 17 EC site, may bid again to maintain its market position. CDL’s previous winning bid of $782 psf ppr surpassed the former record of $768 psf ppr for an EC site at Tampines Street 95.
With a significant number of HDB flats in Woodlands and ongoing interest from first-time buyers and HDB upgraders, the upcoming EC projects are expected to be well-received. The area has not seen new EC supply since the Northwave EC in 2015 and Bellewoods EC in 2013, potentially creating pent-up demand.
PropNex projects the tender could attract four to six bids, with the top bid ranging between $770 and $780 psf ppr.
