Hoi Hup Realty tops 3 bids for Yishun EC site with S$340.9 million or S$732 psf ppr bid

[SINGAPORE] Hoi Hup Realty outbid two other groups with its S$340.9 million offer for an executive condominium (EC) site at Miltonia Close in Yishun.

This works out to a land price of about S$732 per square foot per plot ratio (psf ppr), within expectations of the S$650 to S$760 psf ppr forecast by analysts polled by The Business Times.

The top bid on Tuesday (Apr 14) exceeded the second-highest offer from a joint venture of two Hong Leong Group entities – Intrepid Investments and TID Residential – by 9.2 per cent. The joint venture made an offer of S$312 million or S$670 psf ppr.

A consortium that includes China Communications Construction Company’s unit Forsea Residence, Qingjian Realty, Jianan Capital and CYZ Land came in third, with a bid of S$305.5 million or S$656 psf ppr.

Though the top bid of S$732 psf ppr is the highest for an EC site in the Yishun planning area to date, it is about 7.8 per cent lower than the S$794 psf ppr benchmark set by Sim Lian for the Woodlands Drive EC site awarded in January, said Knight Frank Singapore’s head of research Leonard Tay.

Developers are taking a more calibrated approach as they balance rising land supply in the north against the need to position their projects competitively, said market watchers.

In September 2025, a Sembawang EC site was awarded to a JBE Holdings unit for S$692 psf ppr. Tenders for the Canberra Drive and Sembawang Drive EC sites, which could yield about 185 and 450 units respectively, are set to be launched in May and June this year.

EC supply in the north could reach about 1,625 units by 2027, said SRI head of research and data analytics Mohan Sandrasegeran.

“With a broader range of options becoming available, particularly in the north, pricing momentum in the EC market is likely to become more measured over the longer term,” he added.

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Still, prices are likely to be supported in the near term by firm land costs, resilient upgrader demand and project-specific attributes.

Estimates of average launch prices for the Miltonia Close project range from about S$1,570 to S$1,800 psf.

Mogul.sg chief research officer Nicholas Mak said there could be a gradual realisation among some developers that geopolitical tensions in the Middle East may take time to ease, which could weigh on housing demand amid economic uncertainty.

Located in Yishun, the Miltonia Close site spans 15,451 square metres (sq m) with a gross floor area of 43,264 sq m. The development is expected to yield about 450 units across residential blocks of approximately 18 to 20 storeys, said Hoi Hup Realty.

The 99-year leasehold site is next to Orchid Country Club, which is set to be rezoned for residential use after its lease expires in 2030.

Demand for the upcoming project is likely to be supported by a steady pool of upgraders and first-time homebuyers, said analysts.

“With more than 4,000 flats fulfilling their five-year Minimum Occupation Period in Yishun from 2025 to 2027, this can form a good pool of demand for the Miltonia Close EC,” said Huttons Asia chief executive officer Mark Yip.

“If the income ceiling for ECs is reviewed upwards, it will also enlarge the pool of eligible buyers.”

Just a stone’s throw from the Miltonia Close site are two EC projects – The Criterion and Signature at Yishun – both of which have seen price gains of between 60 and 70 per cent since their launches in 2015, said Yip.

Pent-up homebuying demand for new ECs in the locale is expected to underpin interest in the Miltonia Close EC project, analysts said.

The last EC plot sold in the estate was a plot in Yishun Avenue, which has been developed into the 616-unit North Gaia EC. The site drew seven bids and was awarded to Sing Holdings in 2020 for S$576 psf ppr.

North Gaia sold 164 units at an average S$1,302 psf when it launched in April 2022. It has since sold 99 per cent of its units, with only one apartment left unsold as at end-February 2026, said PropNex’s CEO Kelvin Fong.

While the upcoming Miltonia Close EC project is expected to do well given its locational attributes – including unblocked views of Lower Seletar Reservoir – the site’s distance from Khatib MRT station could be a drawback for some buyers, said Knight Frank Singapore’s Tay.

Despite ongoing US-Iran tensions, Singapore’s real estate market has remained resilient, with state land tenders drawing steady participation and measured bidding from developers, said ERA Singapore’s key executive officer Eugene Lim.

“We are seeing developers place greater emphasis on sites with strong locational attributes and clear demand fundamentals, rather than pursuing opportunities indiscriminately. This more selective and disciplined approach is likely to persist, particularly as the pipeline builds and competition across launches intensifies.”