Miltonia Close EC Tender Closes At $732 PSF PPR — Yishun's First EC Site In Five Years

Hoi Hup Paid a 9.2 Percent Premium to Own Yishun's Only EC

Street directory view of the Miltonia Close EC site (outlined). The surrounding blocks — Miltonia Breeze, Saraca Breeze, Acacia Breeze, Yishun Spring, Vanda Breeze — are the HDB upgrader catchment. Source: OneMap Singapore.

The tender for the Miltonia Close Executive Condominium site closed on 14 April 2026. Three bids landed. Hoi Hup Realty took the site at $340.85 million, or $732 psf per plot ratio — a 9.2 percent premium over the Hong Leong Holdings–TID joint venture at $670 psf ppr, and 11.6 percent above the third bid from a consortium of Forsea Residence, CNQC Realty (Sigma), Jianan Realty Investments (2), and CYZ Land at $656 psf ppr.

Three bids is at the lower end of the 2-to-6 range analysts expected. The 9.2 percent gap between first and second is wide. Selective bidding, clear divergence on site potential — or, read the other way, one developer who saw something the others didn't. The thing Hoi Hup saw is the only EC site in Yishun, the first one in five years, sitting next to a golf course that gets rezoned residential in 2031.

How We Review: The QPE Framework

Every review on this site runs through our QPE framework — Quality, Price, Exit.

Quality covers developer track record, land size, layouts, MRT access, views, and facilities. Price examines total price (not PSF) and how it compares against tested benchmarks — is there a price gap, or are you paying above proven territory? Exit asks who buys from you when it is time to sell, what the demand pool looks like, and what competing supply exists at resale.

GLS articles stop at the land math. Scoring requires floor plans and confirmed pricing. What this analysis establishes is whether the economics of the bid make sense and what launch-day pricing is likely to look like.

The Bid — Three Bidders, One Conviction

Source: HDB tender results, EdgeProp.

The Hong Leong–TID consortium has been aggressive in the private condo space and typically bids disciplined numbers. Forsea, Qingjian (CNQC Realty's parent group), Jianan, and CYZ are the China-origin joint venture behind Hudson Place Residences (Media Circle Parcel A at $1,037 psf ppr, 2025) and the Dover Drive GLS win ($1,556 psf ppr, March 2026). They came in at $656 psf ppr here — a notable pullback for a group that has been pricing aggressively elsewhere.

The 9.2 percent gap between first and second is the number to sit with. It says Hoi Hup had a clear read on Yishun's upgrader demand that the other two bidders did not fully share — or, as PropNex CEO Kelvin Fong put it, "differing assessments among developers on the site's potential." Only three bids on a site with this much Master Plan tailwind also says the wider developer pool is watching the North's EC supply closely. With Canberra Drive and Sembawang Drive EC sites coming under the 1H2026 Confirmed List, there is a queue forming.

The Land — Miltonia Close Site Explained

Close-up of the Miltonia Close site's immediate surroundings. The Orchid Country Club clubhouse (in pink) sits directly south of the site, with Lower Seletar Reservoir providing eastern frontage. Source: OneMap Singapore.

Land area: 15,451 sqm (166,315 sqft). Maximum gross floor area: 43,264 sqm. Estimated yield: approximately 430 residential units. Tenure: 99-year leasehold.

The site launched under the 2H2025 Government Land Sale Confirmed List on 23 December 2025 — the fifth and final EC plot on the 2025 Confirmed List — and closed on 14 April 2026. It sits beside Orchid Country Club, with views of Lower Seletar Reservoir. This is the quieter side of Yishun — the Yishun Avenue 1 corridor, not Yishun Central.

"The site presents desirable attributes, including greenery, waterfront vistas and a serene environment away from traffic," Eugene Lim, key executive officer at ERA Singapore, said in commentary released at the tender opening. "Future residents can look forward to a tranquil living environment, away from the hustle and bustle of the city."

Khatib MRT (NS14) sits 2 km away — not walking distance. Six bus stops, per ERA and the EdgeProp tender reporting. Within a 10-minute walk of several eateries. Schools within 2 km include Naval Base Primary School, Northland Primary School, and Chung Cheng High School (Yishun). This is a car-and-bus EC, not a rail-connected one — which is priced into the land rate.

The wider view: Miltonia Close EC sits on the eastern edge of Yishun, with Lower Seletar Reservoir to its east. The Criterion and Signature at Yishun — the two closest executive condominium comparables on Yishun Street 51 — sit about 1 km north of the site. Source: OneMap Singapore.

What Miltonia Close EC Will Cost You

Our GLS pricing formula stacks development costs, harmonised costs, and margin onto the land cost:

What that says: entry stacks could open as low as $1,632 psf — the formula gives the floor on starting units. Launch-day averages will likely land higher. PropNex's Kelvin Fong guides "above $1,800 psf" and SRI's Mohan Sandrasegeran projects "about $1,700 to $1,800 psf, subject to prevailing market conditions." The Q1 2026 new-EC median was $1,836 psf, per SRI data. Most EC launches price a narrow entry tier low to drive booking-day queues, then step up across the stack — which is why the starting estimate and the average estimate sit where they do.

Unit mix is unconfirmed. EC developments typically run 3-bedroom heavy with a smaller allocation of 2-bedroom compact units and a premium 4- or 5-bedroom tier. The range above covers plausible outcomes. Buyers should also factor in the EC income ceiling ($16,000/month household) and the 5-year Minimum Occupation Period.

The OCC Rezoning — Why Hoi Hup Paid Up

URA Draft Master Plan 2025 — the Miltonia Close site (blue pin) sits next to large plots marked "SUBJECT TO DETAILED PLANNING," which is the planning language for the Orchid Country Club rezoning. Source: URA Master Plan 2025.

Orchid Country Club's lease expires on 31 December 2030. On 7 July 2025, the Ministry of Law confirmed in a public statement that OCC — alongside Warren Golf & Country Club — will not have its lease renewed. Under the Draft Master Plan 2025, the OCC site has been earmarked for residential use, subject to detailed planning.

OCC is not small. The existing 27-hole golf course plus clubhouse and hotel footprint covers a substantial portion of the land between Yishun Avenue 1 and Lower Seletar Reservoir. Once rezoned, this becomes a new residential sub-precinct. Combined with the nearby Chencharu Close planning area — set to deliver roughly 10,000 new homes by 2040 — the broader Khatib-Yishun corridor is entering a decade-long housing uplift that will reshape the amenity density of this part of Yishun.

Early buyers typically benefit when an area transitions from "quiet and underserved" to "active new township." The pattern has played out in Punggol, in Bidadari, and in the early Tengah launches. Miltonia Close EC will be the first residential completion next to the rezoned OCC land, which puts it at the front of that transition curve. That is the long-horizon read that a $732 psf ppr bid implicitly underwrites.

The Competition — North Region EC Pipeline

Yishun has one EC site. The wider North has five in various stages of award or launch, with two more coming under the 1H2026 Confirmed List. Here is the field Miltonia Close is playing into:

Sources: EdgeProp GLS data, HDB tender results.

North Gaia's transactions anchor the exit benchmark. Its 2025 new-sale prices ran $1,325 to $1,475 psf, total prices $1.30M to $1.94M across unit sizes from 958 sqft (3BR) to 1,388 sqft (large 4BR). The Criterion — also in Yishun, TOP 2017 — is now transacting at $1,172 to $1,429 psf in resale, with prices from $980K (2BR 699 sqft) to $2.12M (5BR 1,636 sqft). Signature at Yishun, its direct Yishun Street 51 neighbour, sits at $1,184 to $1,362 psf in resale.

These older ECs have appreciated 60–70 percent from launch, per Huttons data cited in the tender reporting. That is the compounding case buyers evaluate against the 5-year Minimum Occupation Period. If Miltonia Close launches at $1,700–$1,800 psf and tracks similarly to North Gaia's trajectory, the 5-year exit conversation reads very differently than a typical private condo flip.

Two recent EC launches also provide near-term demand signals: Rivelle Tampines sold 92.5 percent over its launch weekend at an average of $1,893 psf, and Coastal Cabana drew over 4,000 visitors during preview. EC demand in 2026 is clearly alive.

The Developer — Hoi Hup Realty, Solo This Time

Hoi Hup Realty was established in 1983 and has delivered over 7,300 homes across Singapore. Its EC track record is one of the most consistent in the market: Hundred Palms Residences (531 units sold out in seven hours on launch day), Parc Central Residences (Tampines), Rivercove Residences (Sengkang, 628 units), Parc Canberra, Plantation Close (Tengah), and most recently Novo Place (Tengah).

Almost all of those ECs were joint ventures with Sunway Developments. Miltonia Close is notable for being a solo Hoi Hup bid — no Sunway on the consortium. Whether that signals a shift in strategy or simply reflects project-specific economics is not something the tender result alone reveals. What it does suggest is that Hoi Hup has sufficient balance-sheet comfort on this site to carry the full $340.85 million land cost without sharing it.

The firm's recent track record at Plantation Close — which it also won under its JV with Sunway at a then-record $703 psf ppr — is the closest comparable. Plantation Close is now the Novo Place launch, and the Miltonia Close site will likely follow a similar development-to-launch timeline of 12 to 18 months. Expect a preview by late 2026 or early 2027, with booking day within three months of preview.

What To Watch Between Now And Launch

Three signals will firm up the thesis or soften it. First, the unit mix — EC launches typically run 3-bedroom heavy, but the proportion of compact 2-bedroom units tells you whether the developer is trying to hit lower entry price points or playing entirely to family upgraders. Second, the layout quality — Hoi Hup's recent work at Parc Canberra and Novo Place has emphasised efficient layouts with proper dumbbell separation; watch whether that carries into Miltonia. Third, the launch-day price per square foot — anywhere below $1,700 is a clear value case against the Woodlands EC pipeline; anywhere above $1,850 starts testing the top of recent EC demand.

The Q1 2026 new-EC median was $1,836 psf. Rivelle Tampines cleared that comfortably at $1,893 psf average. Miltonia Close has stronger greenery and schools than Tampines but weaker MRT connectivity. Price will have to split the difference. For buyers looking at this site, register interest with us, shortlist your preferred stacks the moment floor plans release, and budget an in-person showflat visit — the reservoir view and OCC proximity are visual-first selling points that photographs will under-represent.

Data sources: HDB tender results (April 2026); EdgeProp Singapore reporting by Atiqah Mokhtar; ERA Singapore press release (22 December 2025); OrangeTee & ETC research commentary (23 December 2025); 99.co editorial (April 2026); Mothership Singapore (7 July 2025) on the Ministry of Law announcement; URA Draft Master Plan 2025; URA transaction records for North Gaia, The Criterion, and Signature at Yishun (Realis, accessed 15 April 2026); SRI, PropNex, Huttons, and Realion analyst commentary.