Evia Real Estate, Gamuda Land, and Ho Lee Group formed the bid consortium that won the Yishun site tender, submitting the top offer of about S$1.012 billion (roughly S$1.01 billion) or S$980 per square foot per plot ratio for a 99-year leasehold mixed-use development at Chencharu Close.
Its top bid underscores strong market demand for Chencharu’s development potential. This outcome also establishes a land sale benchmark for northern Singapore’s private housing components. The tender drew three bids in total, with the consortium’s offer edging the field by about 20% over the second-highest bid. The parcel sits near Khatib MRT station in the newly planned Chencharu Town area, and is earmarked for a mixed-use project that combines commercial space with residences.
It spans more than 1 million square feet of gross floor area, a size that signals ambitious development plans and significant integration requirements, including a hawker centre and a bus interchange.
With a price of S$980 psf ppr, the Chencharu bid sits about 10.7% above the S$885 psf ppr fetched by the Tampines Avenue 11 mixed-use GLS site in July 2023. The second bid for Chencharu was S$818 psf ppr, while the third was S$670 psf ppr, underscoring a wide pricing gap.
Market sentiment was more positive than at the Tampines award, but overall interest was tempered by the project’s scale and integration complexity.
Analysts note that the larger size and the need to weave in public amenities add layers of risk and opportunity, which likely influenced bidding strategies and developer expectations for sales velocity and returns.
Analysts expect units to launch around S$2,450–2,550 psf, leveraging first-mover advantages in the new Chencharu estate.
Nearby condos have traded around S$981 psf at Orchid Park and S$1,381 psf for The Wisteria, illustrating a broad spectrum.
The site offers walking distance to Khatib MRT and proximity to Yishun amenities like Yishun Stadium and Lower Seletar Reservoir Park, with the hawker centre and bus interchange aimed at boosting resident convenience. This development contrasts with the luxury property segment where a prestigious Good Class Bungalow in Oei Tiong Ham Park recently listed for GCB price points of approximately $2,800 per square foot.
As the first private project in the new town, it represents a test case for large-scale, integrated development in the north, with potential implications for how future HDB-linked or mixed-use projects are evaluated.
Industry watchers will note how the mix of public and private benefits, plus a large-scale integrated plan, tests approvals timelines, construction coordination, and long-term maintenance responsibilities for a project that aims to reshape daily life in Yishun for residents.
