Bids For This Yishun EC Site Were Muted – Here’s Why Developers Are Holding Back

There are some signs that developers are starting to take a more cautious stance when it comes to bids for new Executive Condominium (EC) development sites, especially given pipeline supply of new EC projects over the next year or so.

The tender for a government land sale (GLS) for an EC development at Miltonia Close attracted a total of three bidders when it closed on April 14. Hoi Hup Realty submitted the top bid of $340.9 million for the 166,315 sq ft plot. This translates to a land rate of $732 psf per plot ratio (ppr).

The other bids were submitted by Hong Leong Holdings and TID, who submitted a joint bid of $312 million ($670 psf), as well as a consortium of four Chinese developers – Forsea Holdings, Qingjian Realty, Jianan Capital, and CYZ Land – who put in a $305.5 million ($656 psf ppr) bid.

Tenders for the Miltonia Close EC GLS site

Hoi Hup’s top bid is about 7.8% lower than the recently awarded EC site at Woodlands Drive 17, which was awarded to Sim Lian Group after it submitted the record price of $484 million ($794 psf ppr) for the GLS site in January.

Initial reporting suggested that Sim Lian’s EC project could see an average selling price of more than $1,850 psf when it goes on sale. The site is expected to yield 560 units.

The relatively lower land rate for the Miltonia Close EC site suggests that developers are taking a more measured approach amid the steep ramp up in EC supply, especially in the North where the Miltonia Close site is located, says Mohan Sandrasegeran, head of Research & Data Analytics at SRI.

There are already EC sites in Woodlands and Sembawang that were awarded last year, and the new developments are expected to launch for sale later this year. CDL is developing the upcoming EC project on Woodlands Drive, while Oriental Pacific Holdings is behind the new EC project in Sembawang.

Read more about the upcoming new lacuna projects in 2026 here: 17 Upcoming New Launch Condos In 2026 — Where They Are And The Ones To Watch.

In addition, the government will be releasing two more EC sites for sale later in the coming months – a site at Canberra Drive that could yield 185 units, and a site at Sembawang Drive that could yield 450 units.

The concentration of new and upcoming EC projects located in the North has likely spurred developers to be more mindful of the cumulative supply of new EC units entering the market, says Sandrasegeran.

“Rather than competing aggressively for a single land parcel, developers may be pacing their land acquisitions, taking into account future opportunities and the need to position their projects competitively within a growing cluster of EC developments,” he says.

Planned developments in Yishun create uncertainty – for now

The overall tender participation and the relatively cautious bids for the EC site at Miltonia Close should also be viewed in the context of its location. It will be one of the furthest new projects in Yishun to any of the MRT stations that serve the area – the closest is Khatib on the North-south Line, but that station is nearly 2km away.

“The trade-off between environmental quality and mass transport accessibility would be a key consideration for buyers,” says Leonard Tay, head of research at Knight Frank Singapore.

Based on typical development timelines, we can expect Hoi Hup to preview the new EC in next year, with the development likely to be completed by 2031, barring unforeseen delays.

With the land lease for the neighbouring Orchid Golf and Country Club set to expire in 2030, the views of the greens and nearby Lower Seletar Reservoir are not assured. The area has been earmarked for future residential development, but the outline of this new residential area is unconfirmed.

Nevertheless, the area has a large catchment of HDB upgraders which would likely form the bedrock demand for the new EC when it hits the market.

“Demand for the future EC development is expected to be anchored by HDB upgraders in Yishun, with additional spillover from nearby northern towns such as Sembawang and Woodlands,” says Eugene Lim, key executive officer of ERA Singapore.

According to data compiled by ERA, there are about 5,700 three-room and larger flats in Yishun that are set to exit their Minimum Occupation Period (MOP) between 2022 and 2027, and they will form a sizable pool of HDB upgraders.

It would also be some years since the last new EC project in Yishun entered the market. The last new EC project in the vicinity was North Gaia, a 616-unit project on Yishun Close. The EC project launched for sale in 2022.

When it launched, it set an average selling price of $1,302 psf. The development was fully sold in 2025. Lim says that buyers who missed out on a unit at North Gaia could turn their attention to the new EC at Miltonia Close.

Average prices for new ECs are above $1,830 psf

However, the EC market has significantly shifted in the last four years, and new EC prices are nearly topping $1,900 psf.

The latest new EC project, Rivelle Tampines, set an average selling price of $1,893 psf when it launched last month. The 572-unit development also achieved a near sell-out response, moving 529 units (92.5%) during its initial weekend sales period.

The selling price at Rivelle Tampines trumped the previous record high set by Aurelle of Tampines in March 2025. That 760-unit EC sold 90% of its units over the launch weekend, and set an average selling price of $1,766 psf.

Based on Hoi Hup’s top bid of $732 psf, the new EC at Miltonia CLose could see a possible lacuna price of more than $1,600 psf, with an overall average price of $1,700 psf, according to Tay of Knight Frank.

According to developer sales data, the median unit price of new ECs reached about $1,836 psf in 1Q2026, reflecting firm pricing across recent launches. “Against this backdrop, it would be reasonable to expect that a future launch at Miltonia Close could be potentially launched in the range of about $1,700 to $1,800 psf, subject to prevailing market conditions and final project positioning,” says Sandrasegeran of SRI.

EC buyers expect more new projects, and they’re calibrating their enthusiasm

Hopeful EC buyers will face a bumper crop of new EC projects that are expected to hit the market in 2026, and we’ve already seen strong take-up rates at the two new EC projects so far this year – Coastal Cabana and Rivelle Tampines.

With a more consistent pipeline of new EC projects due to be released, coupled with several new EC sites that the government will also launch for sale, concerns over supply driven price pressures are becoming less pronounced, says Sandrasegeran.

“Instead of being influenced primarily by scarcity, future price movements are more likely to remain measured and closely aligned with underlying demand fundamentals,” he says.

Given what we know about the expected new inventory of EC homes in the pipeline, the North could see about 1,625 new EC units by 2027. This underscores the scale and momentum of upcoming developments in the region.

While the specter of the economic ramifications of the US-Iran war still loom over Singapore’s economic outlook, the property market has been resilient. Lim says that GLS sites launched so far have generally been well received by developers, with steady participation and measured bids observed.

He adds that buying activity at recent new launches has remained strong. Several projects have recorded high take-up rates, reflecting sustained demand, particularly for well-located developments.