First Yishun EC site in 5 years released: Could prices hit a new high?

Tender Results for Miltonia Close EC Site Released

The Government Land Sales (GLS) executive condominium (EC) site at Miltonia Close closed its tender on 14 April, drawing bids from three contenders.

Hoi Hup Realty submitted the top bid of $340.85 million, translating to a land rate of $732 per square foot per plot ratio (psf ppr).

If awarded the site, the developer plans to develop approximately 450 residential units across blocks of 18 to 20 storeys. This will mark Yishun's first new EC project in five years.

Bid Spread Reflects Diverging Market Views

The top bid was about 9.2% higher than the second-highest bid, while the third bid came in roughly 11.6% below the top offer.

The second-highest bid was lodged by a joint venture between Hong Leong Holdings and TID ($670 psf ppr), whereas the third bid was submitted by a consortium comprising Forsea, Qingjian, and other developers ($656 psf ppr).

Analysts note that this price spread indicates diverging assessments of the site's potential among developers, reflecting a market that has transitioned into a more selective bidding phase.

Site Analysis: Scenic Natural Surroundings, but Amenities Still Maturing

Situated in the Yishun planning area, the plot is adjacent to Orchid Country Club and in close proximity to Lower Seletar Reservoir, offering desirable natural greenery and water views.

In terms of transport and neighbourhood amenities, however, the site is approximately 2 km from Khatib MRT Station, with immediate lifestyle conveniences remaining relatively limited.

Nonetheless, market watchers highlight that the site still holds considerable appeal, including its proximity to schools, future reservoir views, and potential redevelopment upsides once Orchid Country Club's lease expires in 2030.

Northern EC Pipeline Continues to Expand

The steady increase in EC supply across the northern region is one of the factors behind the measured tender participation.

Earlier this year, for instance, an EC parcel at Woodlands Drive 17 was awarded at a record price of $794 psf ppr, yielding around 560 units.

In addition, several upcoming EC plots are slated for release, including sites along Canberra Drive, Sembawang Drive, and Senja Close. These future launches will further intensify competition while offering buyers a wider selection.

Market Demand: HDB Upgraders Remain the Core Driver

Despite the influx of supply, demand for ECs remains resilient.

Market analysts point out that Yishun houses a substantial HDB dwelling stock, creating a strong pool of prospective upgraders. As more HDB flats reach their Minimum Occupation Period (MOP), they are expected to provide a consistent stream of demand for the EC segment.

Moreover, earlier EC developments in the vicinity, such as Signature at Yishun and The Criterion, have registered price appreciations of roughly 60% to 70% since their launches in 2015, further bolstering buyer confidence.

Future Launch Prices Could Cross $1,800 psf

On the pricing front, the EC market has continued its upward climb.

Data shows that median prices for new ECs reached around $1,836 psf in 1Q2026. Against this backdrop, market watchers broadly expect the future Miltonia Close project to launch at between $1,700 and $1,800 psf.

Factoring in prevailing construction and development costs, some analysts believe launch prices could even cross $1,800 psf, sustaining the upward trajectory observed in recent EC launches.

Market Takeaway: ECs Retain Strong Appeal

Overall, the tender outcome for the Miltonia Close site signals two key takeaways.

On one hand, developers maintain a healthy appetite for well-positioned EC sites, even amid a more cautious macro environment. On the other hand, alongside rising land costs and growing supply, the EC market is entering a more competitive landscape.

Nevertheless, given their notable price discount compared to private condominiums, ECs continue to be a compelling choice for many first-time homebuyers and HDB upgraders alike.