Huttons Asia has commented on the upcoming sale of the second executive condominium (EC) site at Woodlands Drive 17, predicting a stable bidding environment. The site, located within a five-minute walk of Woodlands South MRT station on the Thomson-East Coast Line (TEL), is anticipated to draw 4 to 6 bidders with top bids ranging from $700 to $800 per square foot per plot ratio (psf ppr), according to Huttons Asia CEO Mark Yip.
The location offers convenient access to key areas, being one train stop from Woodlands Regional Centre and two stops from the RTS link. The TEL provides connectivity to Orchard, the Central Business District, and Changi Airport. The area also boasts proximity to three primary schools within a 1km radius, making it attractive for families. Additionally, an estimated 6,500 Housing Development Board (HDB) flats completed between 2016 and 2018 could serve as a potential pool of upgrading demand for the EC.
Woodlands Regional Centre is undergoing significant transformation, with the RTS expected to be operational by 2027 and growing interest in the Johor-Singapore Special Economic Zone. The relocation of the Singapore Sports School to Kallang is also expected to free up more land for development in Woodlands.
Recent EC launches have seen strong take-up rates, ranging from 53% to 90%, driven by a stable pool of HDB upgraders. Developers are keen to tap into this market segment. Huttons suggests that revising the income ceiling upwards could further boost the EC market by expanding the potential pool of buyers. The previous tender along Woodlands Drive 17 was sold for $782 psf ppr, and Huttons expects the bid price for this second site to remain around the same level.
