City Developments Limited (CDL) has established a new benchmark in Singapore’s executive condominium market with its record-setting bid of S$782 per square foot per plot ratio for the Woodlands Drive 17 EC site, submitted on August 5, 2025. The tender, which attracted five bids from prominent developers, closed amid significant market attention and coincided with the conclusion of the Senja Close EC site tender.
The bid substantially surpasses the previous Woodlands EC record of S$566 psf ppr set by Northwave in 2015, representing a 38% increase over that benchmark. Industry analysts note that CDL’s aggressive pricing also exceeds the 2024 average EC land cost of S$733 psf ppr, signaling robust confidence in the executive condominium segment despite elevated acquisition costs.
CDL’s record-breaking Woodlands EC bid demonstrates extraordinary market confidence despite significantly higher land costs compared to historical benchmarks.
The 25,207 square meter site is expected to yield approximately 420 EC units and was released as part of the government’s first half 2025 Government Land Sales Confirmed List. The site offers convenient accessibility to public transportation with its short distance from Woodlands South MRT Station. Market observers attribute the strong pricing to several factors, including limited unsold EC inventory and the site’s strategic location near the forthcoming Johor Bahru-Singapore RTS Link, which enhances its long-term investment appeal.
Recent comparable EC land acquisitions, such as Otto Place at S$701 psf ppr and Novo Place at S$703 psf ppr, had established temporary ceiling prices that CDL has now decisively broken. The significant escalation reflects intensifying competition among developers for scarce EC development opportunities in Singapore’s land-constrained market.
The record-breaking bid is anticipated to have ripple effects across Singapore’s residential property landscape, potentially placing upward pressure on future EC launch prices in Woodlands and adjacent northern regions. The government’s strategic release of sites including Lakeside Drive and Dunearn Road reflects its commitment to distribute housing supply across different regions of Singapore.
Despite rising construction costs and regulatory constraints, CDL’s willingness to stretch financial parameters demonstrates unwavering developer confidence in EC demand fundamentals, particularly among HDB upgraders in the northern catchment area. The property’s location in Woodlands, one of the emerging neighborhoods with strong growth potential, further justifies the premium pricing strategy.
The government’s staggered tender scheduling strategy has allowed developers to recalibrate bidding approaches between major land sales, ultimately contributing to the competitive pricing environment witnessed in this latest tender exercise.
