Hoi Hup Realty took the Miltonia Close EC site at $340.85 million, or $732 psf ppr, 9.2 percent above Hong Leong–TID and 11.6 percent above the Forsea-led consortium. The 430-unit plot sits 2 km from Khatib MRT, next to Orchid Country Club, whose lease expires 31 December 2030 and is earmarked for residential use. It's Yishun's first EC tender since North Gaia in 2020, with layouts and launch pricing still to come.
Hoi Hup paid 9.2% 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 Miltonia Close EC tender closed 14 April 2026. Three bids landed. Hoi Hup Realty took the site at $340.85 million, or $732 psf per plot ratio, 9.2% above Hong Leong-TID at $670 psf ppr, and 11.6% above the Forsea-CNQC-Jianan-CYZ consortium at $656 psf ppr.
Three bids is the lower end of the 2-6 analysts expected. Hoi Hup saw what others didn't: the only EC site in Yishun, first in five years, next to a golf course rezoning residential in 2031.
How we review: the QPE framework
Every review runs through our QPE framework: Quality, Price, Exit. GLS articles stop at the land cost calculation (scoring requires floor plans and confirmed pricing). What this establishes is whether the economics make sense and what launch-day pricing is likely to look like.
The bid: three bidders, one bold call
| Rank | Bidder | Total Bid | PSF PPR |
|---|---|---|---|
| 1 | Hoi Hup Realty Pte Ltd | $340,850,000 | $732 |
| 2 | Intrepid Investments / TID Residential (Hong Leong–TID) | $312,009,222 | $670 |
| 3 | Forsea Residence / CNQC Realty (Sigma) / Jianan Realty Investments (2) / CYZ Land | $305,500,000 | $656 |
Source: HDB tender results, EdgeProp.
The 9.2% gap between first and second tells you Hoi Hup had a read on Yishun the other bidders did not fully share, or as PropNex's Kelvin Fong put it, "differing assessments among developers on the site's potential." Three bids is at the lower end of the 2-6 range analysts expected, with Canberra Drive and Sembawang Drive EC sites coming on the 1H2026 Confirmed List.
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), GFA 43,264 sqm, yield ~430 units, 99-year leasehold. Fifth and final EC plot on the 2H2025 Confirmed List. Beside Orchid Country Club with Lower Seletar Reservoir views.
Khatib MRT (NS14) ~2 km away, six bus stops, not walking distance, priced into the land rate. Schools within 2 km: Naval Base Primary, Northland Primary, Chung Cheng High. 10-min walk to eateries.
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:
Miltonia Close EC: land cost layers
| Land cost | $732 psf ppr |
| + 72% development costs | $1,259 |
| + 8% harmonised costs | $1,360 (breakeven) |
| + 20% margin | $1,632 psf (starting stack estimate) |
| Likely launch average (SRI, PropNex, Huttons) | $1,700 – $1,800+ psf |
Entry stacks could open as low as $1,632 psf (formula minimum). Launch averages land higher. PropNex's Kelvin Fong guides above $1,800 psf; SRI's Mohan Sandrasegeran projects $1,700-$1,800 psf (EdgeProp coverage, April 2026). 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.
| Unit size | Entry stack (~$1,632 psf) | Likely launch average ($1,750 psf) | Upper band ($1,850 psf) |
|---|---|---|---|
| 2BR ~700 sqft | $1.14M | $1.23M | $1.30M |
| 3BR ~958 sqft | $1.56M | $1.68M | $1.77M |
| 3BR ~1,033 sqft | $1.69M | $1.81M | $1.91M |
| 4BR ~1,313 sqft | $2.14M | $2.30M | $2.43M |
Unit mix unconfirmed; EC typically 3BR-heavy with smaller 2BR and premium 4-5BR tier. Factor in $16,000 household income ceiling and 5-year MOP.
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.
OCC's lease expires 31 December 2030. Ministry of Law confirmed non-renewal on 7 July 2025. Draft Master Plan 2025 earmarks OCC for residential. Combined with the nearby Chencharu Close planning area (~10,000 homes by 2040), the Khatib-Yishun corridor enters a decade-long housing uplift.
Miltonia Close EC will be the first residential completion next to the rezoned OCC land. Early-buyer pattern from Punggol, Bidadari, and early Tengah launches: the transition from quiet to active township benefits early buyers. That is what a $732 psf ppr bid is betting on.
The competition: north region EC pipeline
| Site | Awarded | Developer | Land Rate | Units |
|---|---|---|---|---|
| Woodlands Drive 17 | Jan 2026 | Sim Lian Group | $794 psf ppr (record) | ~560 |
| Woodlands Drive 17 (other) | Aug 2025 | City Developments | $782 psf ppr | ~420 |
| Senja Close | Aug 2025 | City Developments | $771 psf ppr | ~300 |
| Miltonia Close | Apr 2026 | Hoi Hup Realty | $732 psf ppr | ~430 |
| Plantation Close (Tengah) | Sep 2023 | Hoi Hup–Sunway | $703 psf ppr | 495 |
| North Gaia (benchmark) | Nov 2020 | Sing Holdings | $576 psf ppr | 616 (sold out) |
Sources: EdgeProp GLS data, HDB tender results.
North Gaia is the exit benchmark: 2025 new-sale $1,325-$1,475 psf, totals $1.30M-$1.94M (958 to 1,388 sqft). Older Yishun ECs have appreciated 60-70% from launch (Huttons). Recent demand alive: Rivelle Tampines cleared 92.5% at $1,893 psf average; Coastal Cabana drew 4,000+ preview visitors.
The developer: Hoi Hup Realty, solo this time
Hoi Hup Realty (est. 1983, 7,300+ homes). EC track record: Hundred Palms (531 units sold out in 7 hours), Parc Central, Rivercove, Parc Canberra, Plantation Close, Novo Place. Almost all Sunway JVs; Miltonia is notably solo Hoi Hup. Closest comparable Plantation Close (now Novo Place). Expect preview late 2026 or early 2027, booking day within 3 months.
What to watch between now and launch
- Unit mix: compact 2BR vs family 3BR/4BR proportion tells you lower entry points or upgrader target.
- Layout quality: Hoi Hup's Parc Canberra and Novo Place showed efficient dumbbell separation. Watch whether that carries.
- Launch-day PSF: below $1,700 is clear value vs Woodlands EC pipeline; above $1,850 tests the top.
Miltonia's strengths are greenery and primary school proximity. Khatib MRT distance is the trade-off. Launch pricing will reflect both.
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.
Miltonia Close EC GLS Site
District 27 — next to Orchid Country Club, 2 km from Khatib MRT
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Miltonia Close EC — QPE Score
All information provided is for general reference only and is based on current planning assumptions. Details are subject to change without notice and may vary depending on final design development, regulatory requirements, and operational considerations. No representation or warranty is made as to the accuracy or completeness of the information provided.
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