CDL Breaks EC Land Price Record with $782 psf ppr Bid for Woodlands Site

City Developments Limited (CDL) has set a new record for executive condominium (EC) land prices with its successful bid of $782 psf ppr for a plot at Woodlands Drive 17, marking the highest land rate ever for an EC site. The tender closed on Aug 5 with strong developer interest, reflecting confidence in Singapore’s EC market.

CDL’s $360.9 million bid narrowly edged out the next highest offer by just $1 psf ppr, or 0.2%, and will pave the way for a 420-unit EC project next to the Singapore Sports School. This bid surpassed the previous high of $768 psf ppr set by Sim Lian for a Tampines EC in 2024.

CDL Secures Second Site at Senja Close

In a double win, CDL also topped the tender for a second EC site at Senja Close with a $252.9 million bid ($771 psf ppr), outbidding four other developers. The site is expected to yield 295 units, including a mandatory early childhood centre.

CDL’s CEO Sherman Kwek said these wins are a timely boost to their EC pipeline, especially after the successful sell-out of Lumina Grand and Copen Grand.

Land Prices Continue Uptrend

Analysts had expected bids in the range of $700 to $770 psf ppr, but CDL’s bids came in just above expectations, signalling ongoing developer confidence and pent-up demand.

For the Woodlands site, other bids came from:

• Sim Lian Group: $781 psf ppr

• Intrepid Investments & TID Residential: $770 psf ppr

• Hoi Hup & Sunway: $763 psf ppr

• EL Development: $711 psf ppr

This marks the first EC land sale in Woodlands since 2015, when Northwave EC launched at a land rate of $278 psf ppr.

For Senja Close, the competing bids ranged from $704 to $725 psf ppr, with CDL again taking the lead.

EC Prices Remain Strong

The most recent EC launch, Otto Place in Plantation Close, was sold at an average of $1,700 psf under the normal payment scheme, further reflecting the upward trend in EC pricing driven by limited supply and continued demand.

As EC launches remain few and far between, the record-setting bids by CDL show that developers are still bullish on the EC segment — especially in areas with growth potential like Woodlands and Bukit Panjang.