Sim Lian Submits Top Bid 794 Psf Ppr Second Ec Site Woodlands Drive 17
Recent Developments in Singapore’s EC Market
The competition for executive condo (EC) sites in Woodlands remains stiff, as evidenced by the latest bidding on a plot at Woodlands Drive 17. This site, the second EC locale in the area, attracted three bidders upon the close of its tender on January 13. Leading the pack was Sim Lian Group which placed the highest offer of $484 million, equating to $794 per square foot per plot ratio (psf ppr).
The proximity of the second EC site at Woodlands Drive 17 to significant transportation and economic hubs adds to its appeal. It is near the Woodlands South MRT Station, which connects to the Johor-Singapore Rapid Transit System, and the Johor-Singapore Special Economic Zone. For those considering investments in similar locales, the Sembawang Road EC might offer a comparable opportunity in terms of location and potential for growth.
The winning bid by Sim Lian was marginally higher by 1.5% compared to the previous record of $782 psf ppr set by City Developments Limited (CDL) for the neighboring plot. CDL had secured that site with the highest bid among five contenders in a tender that concluded in August 2025.
Comparative Analysis of Bids
Sim Lian’s bid slightly exceeded the second-highest bid by merely 0.5%, which was $482.1 million ($790 psf ppr) proposed by a consortium consisting of Qingjian Realty, Forsea Holdings, and Jianan Realty Investments. A joint venture between Hong Leong Holdings’ Intrepid Investments and TID presented the third bid at $463.5 million ($760 psf ppr).
The EC site spans 290,412 square feet on a 99-year leasehold plot, with an allowable plot ratio of 2.1. This plot is expected to yield approximately 560 EC units covering a maximum gross floor area of 609,867 square feet.
In a related context, the EC market in Woodlands has seen significant growth since the last plot award in 2015, which resulted in the development of Northwave by Hao Yuan Investment. Since its launch in 2016, Northwave’s units, which were initially sold at an average of $750 psf, have seen a substantial appreciation. Last year, the resale transactions recorded an average price of $1,258 psf.