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About Chencharu Mixed-Use Site Tender Launched by HDB | The Housing & Development Board (HDB) has unveiled a new tender for a mixed-use development located at Chencharu Close. This site, listed under the Confirmed List of the 2H2024 Government Land Sales (GLS) Programme, is the first private housing site within Chencharu, a new 70-hectare residential estate situated in Yishun Town.
This 99-year leasehold plot covers 316,997 sqft and offers a gross floor area (GFA) of over 1.03 million sqft. According to HDB estimates, the project could yield approximately 875 residential units alongside 135,627 sqft of commercial space. The plan also allocates 58,125 sqft for a bus interchange integrated into the development and reserves another 37,674 sqft for a hawker centre.
Location and Convenience (Chencharu Mixed-Use Site)
According to Mark Yip, CEO of Huttons Asia, this project is expected to become the second-largest mixed-use development in northern Singapore, following North Park Residences and Northpoint City. The convenience of a mixed-use site means residents will have access to various amenities right within the development.
Read Also: Top Bid Secured for Tampines Street 94 GLS Site at S$1,004 psf ppr
The proximity of the site to Khatib MRT Station on the North-South Line enhances accessibility for residents. Justin Quek, CEO of OrangeTee & Tie, highlights this feature as a major benefit for those commuting daily.
Nearby, residents will find several recreational options, such as Yishun Stadium and Lower Seletar Reservoir Park. A green loop connected to the Round Island Route is also planned to enhance outdoor activities. Additionally, the HomeTeamNS Khatib facility nearby offers more recreational opportunities.
Family-Friendly Environment
Chencharu is likely to appeal to families due to its proximity to educational institutions. Peiying Primary School is adjacent to the site, and other nearby schools include Chung Cheng High School, Naval Base Primary School, Naval Base Secondary School, Orchid Park Secondary School, and Yishun Innova Junior College. These schools make the site particularly attractive to families with children, as noted by PropNex Head of Research, Wong Siew Ying.
Developer Interest and Bids (Chencharu Mixed-Use Site)
ERA Singapore’s CEO, Marcus Chu, points to recent GLS tenders to gauge the potential bid prices for the Chencharu site. The last similar site at Yishun Ring Road, sold in 2015, was awarded at S$629 per sqft per plot ratio (ppr). That site was later developed into The Wisteria, a 216-unit mixed-use project completed in 2018.
Northpoint City and North Park Residences at Yishun Central, awarded at S$1,077 psf ppr in 2013, fetched a 47% premium over the next highest bid. Given the continued demand for mixed-use developments, particularly in HDB estates, Chu expects the Chencharu site to attract similar attention from developers.
Chu also mentions the recent GLS tender for a mixed-use site at Tampines Street 94, which attracted six bids. The highest bid came in at S$668 million, or S$1,004 psf ppr, demonstrating strong demand for such sites. Mark Yip of Huttons anticipates the Chencharu site will receive cautious bids ranging from S$810 to S$850 psf ppr, and expects joint bids due to the significant investment required.
PropNex’s Wong predicts that the top bid could range between S$930 million and S$1 billion, with a land rate of S$900 to S$1,000 psf ppr. She also believes the site could see fewer bids due to the large scale and high development costs.
Resale Prices of Nearby Projects
The last major private residential launch within 1km of Khatib MRT Station was The Estuary, a 608-unit project at Yishun Avenue 1. It was launched in February 2010 and completed in 2013. Recent resale prices of units at The Estuary have ranged from S$1,113 to S$1,418 psf.
North Park Residences, a 920-unit development on top of Northpoint City Mall, was launched in April 2015. Around 70% of the 430 units released were sold during the launch weekend. Since its completion in 2018, resale prices for units in this project have ranged from S$1,695 to S$1,983 psf between July and September.
The Wisteria, a mixed-use project completed in 2018, saw over 80% of its 138 units sold during its launch weekend in March 2016. ERA’s Chu noted the continued demand for mixed-use developments within mature estates like Yishun.
Potential Market Demand (Chencharu Mixed-Use Site)
Executive flats in Yishun have seen a median price of S$826,400 over the last 15 months, according to Chu. With many flats in Yishun approaching their Minimum Occupation Period (MOP) from 2023 onwards, there is a potential market of HDB dwellers looking to upgrade to private housing.
However, Wong cautions that the site’s proximity to Sembawang Air Base and Nee Soon Camp may impose certain building height restrictions, limiting the number of floors allowed. Visual control measures may also be required to ensure the new development does not overlook sensitive military sites. These factors could influence the design and window placements of the buildings.
Conclusion (Chencharu Mixed-Use Site)
The tender for the Chencharu Close site will close on May 22, 2025, giving developers ample time to consider market conditions and assess their bids. With its mixed-use potential and prime location near key amenities, schools, and transport links, this development could inject new vibrancy into Yishun Town.
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