Are ECs Entering an Era of Record Prices? Land Bids for Two New Sites Smash Records

Two Executive Condominium Sites Set Record Land Bids, Launch Prices Could Reach $2,000 psf

Singapore’s Executive Condominium (EC) market continues to heat up. In the tender that closed on 5 August, two EC sites at Woodlands Drive 17 and Senja Close in Bukit Panjang fetched top bids of $782 psf ppr and $771 psf ppr respectively, both setting new all-time highs. City Developments Limited (CDL) emerged as the highest bidder for both parcels.

The Woodlands Drive 17 site spans 42,853 sq m with a top bid of $360.9 million, edging out the second-highest bid by a razor-thin margin of just 0.17%. The Senja Close site in Bukit Panjang covers 30,478 sq m—marking the first EC parcel launched in the estate in 14 years—drawing a top bid of $252.9 million from CDL.

Both land rates surpassed the previous benchmark of $768 psf ppr set by the Tampines Street 95 EC site last November, underscoring developers' robust confidence in the EC segment. Analysts project that future launch prices for both developments will range between $1,780 and $2,000 psf.

Demand fundamentals for ECs remain exceptionally resilient. According to July data, the median EC price reached $1,746 psf, climbing 24.7% year-on-year. Recently launched Aurelle of Tampines moved 90% of its units on launch day at an average price of $1,766 psf, establishing a new market high, while Otto Place in Tengah sold 351 units over its launch weekend at an average of $1,700 psf.

Market observers highlighted that the Woodlands site enjoys pronounced locational appeal, being just one stop from Woodlands South MRT station and in close proximity to the Woodlands Regional Centre and the upcoming RTS Link. Meanwhile, the Bukit Panjang site addresses a long-standing supply deficit in the area. With rising land acquisition costs and escalating median transaction prices, upcoming EC launches are well on track to breach the $2,000 psf mark.