The competition was tight. Intrepid Investments and TID Residential together offered S$312 million (S$670 psf), while a consortium of Forsea Residence, CNQC Realty, Jianan Realty Investments and CYZ Land put in S$305.5 million (S$656 psf).
Intrepid and TID bid S$312 M (S$670 psf), outpacing the consortium’s S$305.5 M (S$656 psf).
The 9.2 % gap may look small, but in a market where EC supply is as scarce as a free seat on the MRT during peak hour, every percentage point counts.
The Yishun area has seen a surge of demand: roughly 5,700 three‑room‑plus flats are reaching the MOP expiry window from 2022 to 2027, and nearby projects like North Gaia and The Criterion have sold out at prices well above S$1,300 psf.
Hoi Hup’s plan is to launch Miltonia Close EC at S$1,700–S$1,800 psf, a figure that mirrors the steep climb in the market, much like COE prices that jump after a policy tweak.
Completion is pencilled for 2031, assuming the usual timeline.
The developer is watching the North, where new EC sites are sprouting like fresh hawker stalls after a rainstorm, but remains cautious because the MRT distance could dampen enthusiasm, just as a sudden downpour can thin a queue at a food court. The site itself spans a land area of 15,451.2 sqm with a gross floor area of 43,264 sqm, accommodating approximately 430 units designed around 3-bedroom and 4-bedroom floor plans.
Key takeaways:
- Land price: S$732 psf, highest among the three bidders.
- Bid differential: 9.2 % above second‑best.
- Expected launch price: S$1,700–S$1,800 psf.
- Demand drivers: 5,700 HDB homes hitting MOP expiry, >90 % sell‑out rates in nearby ECs.
The Yishun EC market is humming, and Hoi Hup’s aggressive bid signals confidence that buyers will still line up, even if the walk to Khatib feels a bit longer.
It’s a bold move, like ordering a double‑spice laksa when you know the stall’s already busy—risky, but the payoff can be delicious.
Site tenure is 99‑year leasehold, adding a long‑term investment angle for developers.
