Huttons Asia has provided insights into the recent bidding for the Miltonia Close Executive Condominium (EC) site, where Hoi Hup Realty Pte Ltd emerged as the top bidder with an offer of $732 per square foot per plot ratio (psf ppr). This marks the first EC site in the area since 2014, when two parcels at Yishun Street 51 were sold and developed into Signature at Yishun and The Criterion, both of which have seen significant gains since their 2015 launch.
The demand for ECs remains robust, as evidenced by the successful sales of Coastal Cabana and Rivelle Tampines. Many first-time buyers are now favouring EC units over Build-To-Order (BTO) flats for a better lifestyle. With over 4,000 flats in Yishun set to fulfil their five-year Minimum Occupation Period (MOP) between 2025 and 2027, a substantial pool of potential buyers is anticipated for the Miltonia Close EC.
Mark Yip, CEO of Huttons Asia, noted that if the income ceiling for ECs is raised, it could further expand the pool of eligible buyers. Yishun is currently undergoing significant transformation, which is expected to benefit residents in the long term. Plans are underway to revitalise train stations on the North-South line, with Yishun as the pilot project.
Although the Miltonia Close site is not directly adjacent to an MRT station, it is a short bus ride from Khatib MRT, where a new mall is planned at Chencharu Close. The site is also near a new housing precinct by Lower Seletar Reservoir, promising more amenities in the future.
