Hoi Hup Realty has secured a prime executive condominium (EC) site in Yishun, emerging as the winner among three competing groups with a government land sale bid of $340.9 million. The acquisition of the Miltonia Close plot marks a significant move for the developer in a market characterized by tight supply and consistent demand from homeowners looking to upgrade.
The winning bid translates to a land price of approximately $732 per square foot per plot ratio (psf ppr). This figure aligns closely with market expectations, falling squarely within the $650 to $760 psf ppr range forecasted by analysts. The result suggests a cautious but optimistic appetite among developers for residential land in Singapore’s northern region.
The competition for the site was intense, with Hoi Hup Realty’s offer exceeding the second-highest bid by 9.2 percent. A joint venture consisting of two Hong Leong Group entities—Intrepid Investments and TID Residential—placed the second-highest bid at $312 million, or $670 psf ppr. A third consortium, comprising Forsea Residence, CNQC Realty, Jianan Realty Investments, and CYZ Land, offered $305.5 million, or $656 psf ppr.
Analyzing the Miltonia Close Development Potential
The site at Miltonia Close spans 15,451 square meters and is slated for a gross floor area of 43,264 square meters. Under the terms of the 99-year leasehold, the project is expected to yield approximately 430 homes. For potential buyers, the appeal lies in the specific dynamics of the Yishun housing market, where EC supply has remained constrained while demand from “upgraders”—HDB homeowners moving into private luxury—remains steady.
However, the site is not without its challenges. Industry consultants had predicted a measured level of interest, expecting between three and five bids. This caution stems from the plot’s distance from the nearest MRT station and a perceived lack of immediate amenities. Developers must balance the high land cost with the necessity of creating a product that justifies a premium price point to the conclude consumer.
One significant future catalyst for the area is the proximity to the Orchid Country Club. The club is situated adjacent to the site and is scheduled to be rezoned for residential use after its lease expires in 2030. This transition could fundamentally alter the neighborhood’s density and amenity profile over the next decade, potentially increasing the long-term value of the Miltonia Close development.
Comparative Market Benchmarks
To understand the valuation of the Hoi Hup Realty bid, We see helpful to look at previous EC launches in the Yishun and northern corridors. The most recent benchmark was set at Woodlands Drive 17, where Sim Lian Group topped the bidding with $794 psf ppr, establishing a new high for EC land prices in the north.
Within Yishun specifically, the North Gaia EC serves as a primary point of reference. Awarded to Sing Holdings in 2020 for $576 psf ppr, North Gaia launched in April 2022 with 164 units selling at an average of $1,302 psf. By 2025, transaction data from lodged caveats indicated that the project was nearly sold out, with units averaging $1,401 psf. Similarly, The Criterion, launched in 2015, showed a median price of $1,401 psf based on 2026 caveat data.
| Project/Site | Winning Bid (psf ppr) | Developer | Year Awarded |
|---|---|---|---|
| Miltonia Close | $732 | Hoi Hup Realty | 2024 |
| Woodlands Drive 17 | $794 | Sim Lian Group | Recent |
| North Gaia (Yishun Ave) | $576 | Sing Holdings | 2020 |
The Strategic Calculus for Developers
The decision by Hoi Hup Realty to bid aggressively reflects a broader trend in the Singapore property market: the prioritization of supply gaps. With few new ECs entering the pipeline in Yishun, the developer is betting that the lack of competition will allow them to maintain strong pricing power during the official launch.
Despite the optimism, the broader developer community remains prudent. Many firms are currently balancing their capital reserves to ensure they can compete for upcoming land tenders that may offer superior locations or better connectivity to transport hubs. This strategic hedging explains why the number of bidders for Miltonia Close remained on the lower end of consultant projections.
For the 430 expected homeowners, the project will represent one of the few opportunities to enter the EC market in this specific precinct. The pricing for these units will likely be influenced by the $1,400 psf benchmark seen in nearby projects, though the higher land cost of $732 psf ppr (compared to North Gaia’s $576 psf ppr) may push the final selling price higher.
Disclaimer: This article is intended for informational purposes only and does not constitute financial or investment advice. Real estate investments carry inherent risks, and interested parties should conduct their own due diligence or consult a certified financial advisor.
The next phase for this site involves the developer’s submission of building plans to the relevant authorities. Once approved, Hoi Hup Realty will move toward the official marketing and launch phase, which will provide a definitive look at the final unit pricing and layout for the Miltonia Close project.
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