A prime mixed-use commercial and residential site at Chencharu Close, near Khatib MRT station, drew three bids at the close of its state tender on September 11. The top bid, amounting to S$1.01 billion, came from a consortium comprising Evia Real Estate, Gamuda (Malaysia), and Ho Lee Group. This translates to about S$980 per square foot per plot ratio (psf ppr) — roughly 20 per cent higher than the second-highest offer.

The second bid, from a partnership between Frasers Property, Mitsubishi Estate, and Lum Chang Building Contractors, stood at S$845 million (S$818 psf ppr). A third bid by Sim Lian Land and Sim Lian Development came in at S$692.4 million (S$670 psf ppr).

The 99-year leasehold plot, located in the emerging Chencharu residential precinct within Yishun town, spans 317,000 sq ft and is expected to yield about 875 private homes. It will also feature a bus interchange, hawker centre, and up to 135,625 sq ft of retail space, which must be held as a single strata lot — meaning no subdivision for individual sale.

A Rare Integrated Development Opportunity

Evia Real Estate, Gamuda (Malaysia), and Ho Lee Group are planning around 860 apartments and a two-level retail mall, integrated with the transport hub — offering convenience and vibrancy in a new housing estate.

The site’s total gross floor area (GFA) is capped at 1.03 million sq ft, with nearly 78 per cent allocated for residential use. Analysts note that as the first government land sale (GLS) site in Chencharu with private housing, it presents a first-mover advantage for developers and buyers alike.

Strong Location and Demand Drivers

The Chencharu Close site enjoys proximity to several educational institutions — including Peiying Primary School, Chung Cheng High (Yishun), and Yishun Innova Junior College — as well as community amenities such as Khatib Polyclinic, Yishun Stadium, and Lower Seletar Reservoir Park.

Market observers anticipate robust homebuyer interest, citing pent-up demand in northern Singapore. HDB statistics revealed more than 8,000 Build-To-Order (BTO) flats in Yishun will reach their five-year Minimum Occupation Period (MOP) from 2023, potentially fuelling strong upgrading demand for private housing.

Benchmark Comparisons and Price Outlook

Propertyforsale Managing Director expects units at the future Chencharu project to sell from S$2,000 psf, given its integrated features and limited new condo supply in the area.

The last private condominium launch nearby was The Wisteria in 2016, with The Estuary dating back to 2010.

Balanced Bid Reflects Complex Site Requirements

Evia Real Estate and Gamuda have a strong track record of collaboration, having previously developed Gem Residences in Toa Payoh and OLA EC in Sengkang. Their latest Chencharu venture positions them to lead the transformation of Yishun’s next major residential and lifestyle hub.

Summary:
The Evia-Gamuda-Ho Lee consortium secured the Chencharu Close mixed-use site with a S$1.01 billion bid, setting the stage for a major integrated development featuring homes, retail, and transport facilities — and marking the first private housing launch in the Chencharu precinct.