Hoi Hup Realty submits top bid of $732 psf ppr for Miltonia Close EC site

The Miltonia Close site (in blue) can yield about 430 executive condo units (Picture: EdgeProp LandLens)

The Government Land Sale (GLS) tender for an executive condo (EC) site at Miltonia Close closed on April 14, drawing three bids. Hoi Hup Realty submitted the top bid of $340.85 million for the site, reflecting a land rate of of $732 psf per plot ratio (psf ppr).

If awarded the site, Hoi Hup plans to develop an EC with about 450 units across residential blocks of approximately 18 to 20 storeys. “As the first EC site to be offered in Yishun in five years, we believe it presents a timely opportunity to introduce a quality development in a serene and nature-rich setting,” says Wong Swee Chun, the company’s chairman.

Hoi Hup’s bid is 9.2% above the second-highest bid of $312 million ($670 psf ppr), submitted by a Hong Leong Holdings-TID joint venture.

The last bid, submitted by a consortium of developers — comprising Forsea Holdings, Qingjian Realty, Jianan Capital and CYZ Land (a unit of Hoovasun Holding) — stood at $305.5 million ($656 psf ppr).

Jianan Capital recently partnered with Forsea and Qingjian to bid for a GLS site at Dover Drive. The partners were awarded the site in March after submitting the top bid of $951 million ($1,556 psf ppr).

Jianan Capital and CYZ Land are also part of a joint venture with Qingjian and Forsea that is developing Hudson Place Residences, the upcoming 99-year leasehold condo on the Media Circle (Parcel A) GLS site. The partners purchased the site for $315 million ($1,037 psf ppr) in March of last year.

The Miltonia Close site was launched for tender as part of the 2H2025 GLS Programme last December. Located within the Yishun planning area, it is situated beside the Orchid Country Club and is close to the Lower Seletar Reservoir.

‘Selective bidding’

Hoi Hup’s bid of $732 psf ppr for the Miltonia Close site is at the higher end of the $650 to $750 psf ppr range that market observers had predicted. “The top offer of $732 psf ppr reflects continued developer appetite for well-located EC sites despite a more selective bidding environment,” remarks Mohan Sandrasegeran, head of research and data analytics at SRI.

However, the gap between the top bid and the second and third bids — at 9.2% and 11.6% respectively — suggests differing assessments among developers on the site’s potential, posits Kelvin Fong, CEO of PropNex. The Miltonia Close site is about 2km from Khatib MRT Station on the North South Line, with limited amenities currently available in the immediate vicinity.

Nonetheless, Fong notes that the site has a number of positive attributes, including its proximity to schools, the future project’s potential scenic views of the Lower Seletar Reservoir and its location near the Orchid Country Club, which is slated for redevelopment in the future once its lease expires in 2030.

Eugene Lim, key executive officer at ERA Singapore, adds that the relatively measured participation by developers in the tender comes amid robust EC supply in the north region. Earlier this year, Sim Lian Group was awarded an EC site at Woodlands Drive 17 at $794 psf ppr — a record land rate for an EC plot. The site can yield about 560 units.

Under the 1H2026 GLS programme, the tenders for two EC sites — a Canberra Drive site that can yield 185 units and a Sembawang Drive site that can accommodate 450 units — are scheduled for launch in May and June respectively.

The sites come on top of a strong pipeline of EC projects in the north that are anticipated to launch in the coming years, following other GLS sites recently sold in the region. Among these is an EC on another Woodlands Drive 17 site that can accommodate about 420 units. City Developments was awarded the site in August 2025 at $782 psf ppr.

That same month, it was awarded an EC site at Senja Close at $771 psf ppr, which can accommodate about 300 units. Elsewhere, an EC plot at Sembawang Road, which can yield about 265 units, was awarded to Oriental Pacific Holdings last September. “Together, these additions represent a more competitive supply landscape for ECs in the region,” Lim says.

Average selling prices could exceed $1,800 psf

The future project at the Miltonia Close site will be the first EC launch in Yishun since North Gaia. The 616-unit EC by Sing Holdings was fully sold and completed last year.

The last executive condo launched in Yishun, North Gaia by Sing Holdings, was completed last year (Picture: Sing Holdings)

The launch of a new EC in Yishun is timely and could see pent-up demand, remarks Justin Quek, deputy group CEO of Realion (OrangeTee & ETC Group). “Moreover, with a large catchment of HDB flats in Yishun, there may be keen demand from HDB upgraders looking for a new residential project,” he continues.

Closer to the Miltonia Close site, the most recent EC developments are Signature at Yishun and The Criterion, says Mark Yip, CEO of Huttons Asia. The neighbouring projects on Yishun Street 51 were both launched in 2015 and have since recorded price gains of 60% to 70%, he adds.

The Criterion, an executive condo close to the Miltonia Close plot, was launched in 2015 (Picture: Google Street View)

SRI’s Sandrasegeran highlights that the steady demand for EC projects, as shown by the robust performances of recent launches such as Rivelle Tampines and Coastal Cabana, has pushed the median unit price of new ECs to $1,836 psf in 1Q2026.

“Against this backdrop, it would be reasonable to expect that a future launch at Miltonia Close could be potentially launched in the range of about $1,700 to $1,800 psf, subject to prevailing market conditions,” he continues.

PropNex’s Fong estimates that based on the top bid of $732 psf ppr, average selling prices of the future project could be above $1,800 psf. “Given the lack of new EC supply in the locality, the upcoming EC project in Miltonia Close is likely to see healthy demand from first-time homebuyers and HDB upgraders in the surrounding HDB estates,” he adds.