Hdb Launches Tender First Mixed Use Site Upcoming Chencharu Town
HDB has launched a mixed-use site in Chencharu Close for sale by tender, making it the first private housing site in the new Chencharu estate in Yishun Town. The 99-year leasehold site occupies 316,997 sq ft and has a gross floor area of over 1.03 million sq ft. It is estimated to yield about 875 residential units and up to 135,627 sq ft of commercial space. The site is under the Confirmed List of the 2H2024 Government Land Sales (GLS) Programme.
Amenities right at your doorstep
The mixed-use GLS site, which is expected to be the second-largest in the North after North Park Residences and Northpoint City, offers a variety of amenities right at residents’ doorstep. It is conveniently located near the Khatib MRT station on the North-South Line, providing easy access to public transportation. Sports and recreational facilities, such as Yishun Stadium, Yishun Sports Centre, and Lower Seletar Reservoir Park, are also within close proximity.
Moreover, a green loop around Lower Seletar Reservoir will connect it to the Round Island Route at the Yishun Dam under the URA Master Plan 2019. The site is also near HomeTeamNS Khatib, which will provide additional recreational facilities beyond the close connection to green spaces.
Ideal for young families
The site’s close proximity to schools, including Peiying Primary School, makes it an ideal location for young families. Other schools in the area include Chung Cheng High School, Naval Base Primary and Secondary schools, Orchid Park Secondary School, and Yishun Innova Junior College.
Estimated bid prices
The last mixed-use GLS site to be sold in the area was at Yishun Ring Road in 2015, which was awarded at $629 psf per plot ratio (ppr). In contrast, the Northpoint City and North Park Residences site at Yishun Central was awarded at $1,077 psf ppr in 2013, which was almost 47% higher than the second-highest bid.
Industry experts predict a similar level of interest from developers for the new site at Chencharu Close, following the recent tender at the mixed-use GLS site at Tampines Street 94. The Tampines Street 94 site, which received six bids, was awarded at $668 million or $1,004 psf ppr on September 19. This is just 1.9% higher than the next highest bid, indicating the strong demand for mixed-use sites, particularly within HDB enclaves.
Based on the most recent tender, the Chencharu Close site is expected to garner fewer than three bids, with estimated cautious bids between $810 psf ppr and $850 psf ppr. Given the large outlay, estimated to be more than $800 million, industry experts expect developers to submit joint bids.
Potential demand
The increase in HDB dwellers looking to upgrade to private properties may further drive demand for the Chencharu Close site. Recent transactions in the area at private residential developments, such as North Park Residences, The Wisteria, and The Estuary, have been fetching prices well above $1,000 psf.
The future Tengah Park MRT Station is expected to play a significant role in the development of the Jurong Region Line, enhancing the transportation landscape in the vicinity. It will greatly improve connectivity to various parts of Singapore, making travel easy and convenient for both locals and tourists. The presence of the new Novo Place will further enhance the appeal of this area, making it an ideal place to reside, work, and indulge in recreational activities. With the integration of Novo Place, this location is set to become an even more desirable and accessible destination.
However, the Chencharu Close site, which is proximate to the Sembawang Air Base and Nee Soon Camp, may have building height restrictions, which could affect the location of windows in the new development. The tender will close on May 22, 2025, giving developers ample time to assess the site and gauge market demand and sentiment next year.