Property Herald: More cautious bids in land tender for Exec Condo site at Yishun
- Mogul Research Dept
- 2 days ago
- 4 min read
1. Introduction
The Government Land Sale (GLS) tender closed today for the Executive Condominium (EC) development land parcel at Miltonia Close.
The area of the EC site is 166,315 sq ft. With a plot ratio of 2.8 times, it could yield about 430 EC housing units.
EC are 99-year leasehold gated condominiums with the usual recreational facilities found in condominium developments, such as swimming pool, racket ball courts and private carparking space. Primary buyers of EC units face a 5-year Minimum Occupation Period (MOP) before they can sell or rent out the units.
Figure 1: Map of Miltonia Close GLS site
2. Analysis of developers’ participation in this tender
The land tender has attracted a total of three bids from property developers, which is at the lower end of the range of 3 to 9 bids in GLS tenders for each EC site that were conducted in the past 5 years.
In March, during the first month of the war in Iran, the GLS tenders for residential sites were drawing 4 to 6 bids in each tender. Back then, the property market players probably felt that the Singapore property market would be somehow shielded from the effects of the war. After six weeks of the war that could escalate at any time, the developers’ outlook appears to be changing.
The three bids in the GLS tender today were submitted by experienced EC developers. Although the demand for EC units remains robust, based on the 92.5% take up rate during the launch of the 572-unit Rivelle Tampines EC project on 21 March, EC developers are taking a more cautious stance.
There could be a gradual realisation among some developers that the negative economic fallout from geopolitical tension and conflicts in the Middle East could take more time to dissipate. As a result, private housing demand could also be curbed by the economic uncertainty.
3. Analysis of tender bids submitted by developers
Hoi Hup Realty submitted the top bid of $340.85 million, which is a land rate of $731.93 psf per plot ratio (psf ppr) in the GLS tender for the Miltonia Close site. It is 9.2% higher than the second highest bid of $312.01 million from a joint venture between Hong Leong Holdings and TID Residential Pte. Ltd.
Table 1: Bidders and bids for Miltonia Close EC land tender
S/N | Name of Tenderer | Tender bid (S$) | Land rate, S$psf ppr |
1 | Hoi Hup Realty Pte Ltd | $340,850,000 | $731.93 |
2 | Hong Leong Holdings (Intrepid Investments), Hong Leong Holdings and Mitsui Fudosan (TID Residential) | $312,009,222 | $669.99 |
3 | China Communications Construction Company (Forsea Residence), Qingjian Realty (CNQC Realty (Sigma)), Jianan Realty Investments, and CYZ Land | $305,500,000 | $656.02 |
Source: Mogul.sg Research
This is the widest gap in percentage terms between the top and second highest bid for an EC land tender in the past 11 years, indicating a divergence in opinion about the outlook of the residential market in the short term. In the GLS tender for the site of Treasure Crest EC that closed in January 2015, the difference between the top and second highest bid was 9.7%.
In the past ten GLS tenders for EC sites, eight out of the ten top bids were more than $700 psf ppr. However, in the tender that closed today, the second and third bid in the tender today were both below the $700 psf ppr level, which further shows the more measured approach that these developers are adopting.
The EC site at Miltonia Close will be the fourth EC land parcel in the north region to be sold by the government in the past nine months. As a result, there is a growing supply of as many as 1,680 EC units in the north region that could be launched for sale in the coming 18 months. Hence, property developers could be more cautious of bidding for the Miltonia EC site.
Table 2: Recent GLS tenders for EC sites
EC site location | Tender closing date | No. of EC units (est) | Top bid | Land rate, $psf ppr | No. of bids |
Senja Close | 5-Aug-25 | 295 | $252,899,000 | $770.89 | 5 |
Woodlands Drive 17 (plot 1) | 5-Aug-25 | 420 | $360,899,000 | $782.41 | 5 |
Sembawang Road / Jalan Cherpen | 11-Sep-25 | 265 | $197,777,000 | $691.93 | 4 |
Woodlands Drive 17 (plot 2) | 13-Jan-26 | 560 | $484,000,000 | $793.62 | 3 |
Source: Mogul.sg Research
In the past three GLS tenders for EC sites in the north region, the land rates range from $692 to $793.62 psf ppr. Although the top bid from Hoi Hup Realty of $731.93 psf ppr for the Miltonia site falls within this range, it is lower than the land rates for the two EC sites at Woodlands Drive 17 that were sold in last August and this January.
Based on the land rate of the highest bid submitted in the tender, the break-even price of the future EC project on the subject land parcel could range from $1,570 psf to $1,600 psf. Compared to the median transacted prices of $1,927 psf for primary EC units in March 2026, this would give Hoi Hup a competitive edge in pricing the EC project at Miltonia Close when the project is ready for launch in the second half of 2027.
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