Hoi Hup Realty tops 3 bids for Yishun EC site with $340.9 million offer
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The Miltonia Close site in Yishun spans 15,451 sq m, with a gross floor area of 43,264 sq m.
PHOTO: LIANHE ZAOBAO
SINGAPORE – Hoi Hup Realty outbid two other groups with its $340.9 million offer for an executive condominium (EC) site in Miltonia Close in Yishun.
This works out to a land price of about $732 per sq ft per plot ratio (psf ppr), within expectations of the $650 to $760 psf ppr forecast by analysts polled by The Business Times.
The top bid on April 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 $312 million, or $670 psf ppr.
A consortium that includes Forsea Residence, CNQC Realty, Jianan Realty Investments and CYZ Land came in third, with a bid of $305.5 million or $656 psf ppr.
Consultants had expected measured interest, projecting three to five bids for the site, given its distance from the nearest MRT station and relatively limited amenities nearby.
While sentiment is optimistic – supported by tight EC supply in Yishun and steady upgrader demand – developers were expected to stay prudent. Upcoming land tenders may temper bidding appetite as firms prioritise better-located sites.
Located in Yishun, the Miltonia Close site spans 15,451 sq m, with a gross floor area of 43,264 sq m.
The site is next to Orchid Country Club, which is set to be rezoned for residential use after its lease expires in 2030. The 99-year leasehold site is expected to yield 430 homes.
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 $576 psf ppr.
North Gaia sold 164 units at an average $1,302 psf when it was launched in April 2022. According to caveats lodged as at April 5, 2026, the project is almost fully sold; its units transacted at an average of $1,401 psf in 2025.
Just a stone’s throw away from the Miltonia Close site is The Criterion. Launched in 2015, the EC project had a median price of $1,401 psf in 2026, based on caveats lodged.
The most recent EC site tendered in the north – Woodlands Drive 17 – was awarded to Sim Lian Group, whose top bid of $794 psf ppr beat two other bidders and set a new benchmark for EC land prices. THE BUSINESS TIMES
