Commentary on Miltonia Close EC Tender Closing

SINGAPORE, 14 April 2026 - The tender for the Government Land Sale (GLS) site at Miltonia Close closed today, on 14 April 2026. It drew attention from three bidders, with the top bid of $340.9 million (or $732 psf ppr) submitted by Hoi Hup Realty Pte Ltd.

“Participation was relatively measured, with three bidders and a top bid of $732 psf ppr, suggesting a more selective approach by developers towards EC sites in Northern Singapore. This comes amid robust EC supply in the region, which likely shaped a more calibrated bidding strategy as developers balance land acquisition against future launch positioning,” said Eugene Lim, Key Executive Officer, ERA Singapore.

“Tenders for two EC sites at Canberra Drive and Sembawang Drive, with an estimated 185 and 450 units each, are slated to open in May and June this year under the 1H 2026 GLS programme. 

This is on top of the strong EC project pipeline in the North, including developments at Woodlands Drive 17 and Sembawang, which are anticipated to launch by next year. Together, these additions represent a more competitive supply landscape for ECs in the region.” 

Buyer Demand 

“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. In Yishun alone, around 5,700 three-room and larger flats are set to exit their Minimum Occupation Period (MOP) between 2022 and 2027, forming a sizeable pool of HDB upgraders.

Limited fresh EC supply in Yishun and the wider northern region is expected to support demand for Miltonia Close’s future development. The last EC launch in Yishun, North Gaia, was fully sold in 2025, and buyers who missed out are likely to turn their attention to this upcoming development.

Across the broader EC market, available inventory remains relatively tight, with unsold stock currently concentrated in projects such as Coastal Cabana and Rivelle Tampines in the East. This supply tightness is expected to ease later this year, with upcoming EC launches at Woodlands Drive 17, Senja Close, and Sembawang Road set to replenish options for buyers.

Prospective buyers seeking a tranquil living environment might find the future EC project attractive as it is located near Lower Seletar Reservoir. It is also rare for ECs to offer waterfront views.

The lease for the adjacent Orchid Country Club is set to expire in 2030, and under the URA 2025 Master Plan, the site will be re-zoned for residential use, subject to detailed planning. This future transformation could introduce additional housing and amenities to better serve residents in the precinct.”

Outlook 

“Despite the ongoing US-Iran conflict and its impact on the global economy, Singapore’s real estate market has remained resilient. GLS sites launched so far have generally been well received by developers, with steady participation and measured bids observed. 

At the same time, 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. 

This suggests that overall buying appetite continues to hold firm amid broader economic uncertainties, supported by underlying demand from owner-occupiers and upgraders.

We are seeing developers place greater emphasis on sites with strong locational attributes and clear demand fundamentals, rather than pursuing opportunities indiscriminately. This more selective and disciplined approach is likely to persist, particularly as the pipeline builds and competition across launches intensifies. 

While external headwinds and broader cost pressures warrant close monitoring, Singapore’s residential market has consistently demonstrated resilience, even through periods of uncertainty. Such challenges are unlikely to erode underlying drivers of local housing demand, including Singapore’s fiscal stability, finite land supply, and steady population growth.”

For media enquiries, please contact:

Lisha Rodney

Public Relations Manager, ERA Singapore

Email: [email protected]

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