Surging ahead with a daring move, City Developments Limited (CDL) has clinched a record-breaking bid of S$782 per square foot per plot ratio (psf ppr) for an Executive Condominium (EC) site at Woodlands Drive 17, setting a new high for EC land in the area. This bold figure eclipses the previous record of S$566 psf ppr, set by Northwave EC back in 2015, and it’s a clear signal of how much the market has heated up.
With land prices for ECs jumping 164% from 2015 to 2024, CDL’s bid reflects not just confidence, but a fierce determination to secure a foothold in a sought-after spot. The site, spanning 271,328 square feet with room for about 420 units, drew significant interest, with experts expecting four to six developers to throw their hats in the ring. Additionally, the strategic location near Woodlands South MRT enhances its appeal to potential buyers and developers alike (near Woodlands South MRT).
CDL’s bold bid showcases fierce determination to claim a prime Woodlands spot, with land prices for ECs soaring 164% since 2015.
Now, why the frenzy over this patch of Woodlands? For starters, there hasn’t been a new EC launch here since Northwave in 2016, creating a near-decade-long supply drought. The 1,185 new EC transactions recorded in 2024 further confirm the strong demand for such housing options. Add to that the lack of recent EC projects in the broader North region since North Gaia sold out in 2022, and you’ve got a recipe for pent-up demand. This scarcity aligns with the expanded supply of 9,200 units in the 2H2025 GLS Programme, highlighting the urgency for new developments in high-demand areas (expanded supply of 9,200 units).
Homebuyers, especially HDB upgraders, are hungry for options, and developers know it. The Woodlands Drive 17 site, with limited nearby competition, became a golden opportunity, pushing bids to eye-watering levels. It’s almost like watching a high-stakes auction—except the prize is a plot of land!
Location-wise, this site is a gem. Just a short walk from Woodlands South MRT, it’s one stop from the bustling Woodlands Regional Centre and two from the upcoming RTS Link to Johor Bahru. Families will love the nearby primary schools and amenities like the Woodlands Health Hub, while ongoing area development promises long-term growth.
However, with land costs soaring—average EC prices hit S$733 psf ppr by 2024—future buyers might feel the pinch. CDL’s gamble could set new price benchmarks for ECs, narrowing the gap with private condos. It’s a bold play, and all eyes are on how this shapes the market ahead.
