Senja Close and Woodlands Drive sites generate high interest

Analysts express high confidence in robust EC market.

The Housing and Development Board (HDB) has closed the tenders for two Executive Condominium (EC) sites at Senja Close and Woodlands Drive 17.

The two sites were launched under the Confirmed List of the H1 2025 Government Land Sales (GLS) programme.

Both sites saw healthy interest, each attracting five bids, despite having the tender closing on the same day. The top bidder for both EC sites was City Developments Limited (CDL), enabling this developer a significant presence in the EC market should the sites be awarded.

Analysts from Huttons Asia, Realion, Knight Frank, and PropNex expressed confidence that ECs remain a popular housing option due to affordability. Developers are also keen to tap into this market segment for its stability.

Wong Siew Ying, Head of Research and Content in PropNex, noted that these are the first EC GLS tenders to close this year.

Ying also pointed out that a batched tender close for two EC GLS sites was a first since 2014. Typically, the batched tender close is a strategy to help temper developer interest in sites and potentially moderate bidding activity.

From the tender results, it appears that the higher EC land supply and batched tender close did not discourage developers from submitting firm bids.

For Woodlands Drive 17, the highest bid was from CDL Divine Pte. Ltd. at a bid price of $360.899m or around S$782 per square foot per plot ratio (psf ppr).

Ying highlighted that the tighter bid price gap amongst the top few bidders for Woodlands Drive 17 indicated some alignment in developers’ outlook for the site.

Leonard Tay, Head of Research in Knight Frank Singapore, pointed out that the land rate of the top bid at Woodlands Drive 17 is now the highest on record. This could translate into a possible launch price of just above $1,800 psf with an overall average price of $1,900-$2,000 psf.

Mark Yip, CEO of Huttons Asia, highlighted that the site is within a 5-minute walk to Woodlands South MRT station on the TEL, which has eight MRT interchanges, connecting to the other six MRT lines. It is well connected to Johor, the CBD, and Changi Airport.

For Senja Close, the highest bid was from CDL Constellation Pte. Ltd. at a bid price of $252.899m or around $771 psf ppr.

Justin Quek, CEO of OrangeTee, part of Realion Group, said that the highest bid price for Senja Close exceeded their initial expectations, which may indicate some confidence in this site. He pointed out that the attractiveness of this site may be from its proximity to various schools and shopping centres like the Senja Hawker Centre and Greenridge Shopping Centre.

“Moreover, there has not been an EC site launched for sale in Bukit Panjang since Blossom Residences in 2011, which may contribute to pent-up demand for an EC development here. This may have resulted in keen interest in the tender exercise,” Quek added.

Tay also highlighted that the project might appeal to first-time buyers and HDB upgraders in the west of Singapore due to pent-up demand and because the area has accessible amenities in an established HDB estate, such as neighbourhood parks, hawker centres, and nearby schools.

Across the board, analysts agree that the demand for ECs will continue to be robust among first-time homebuyers and HDB upgraders due to their more affordable pricing.

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