Hdb Launches Tender First Mixed Use Site Upcoming Chencharu Town
HDB has recently launched a mixed-use site at Chencharu Close for sale through tender. The site, which is under the 2H2024 Government Land Sales (GLS) Programme Confirmed List, is the first private housing site in Chencharu, a new HDB housing estate within Yishun Town. The 99-year leasehold site covers 316,997 sq ft and has a gross floor area of over 1.03 million sq ft. It is estimated that the site can yield about 875 residential units and up to 135,627 sq ft of commercial space.
At least 58,125 sq ft of the commercial space will be allocated for a bus interchange, which will be integrated with the project. Another 37,674 sq ft will be designated for a hawker centre. According to Mark Yip, CEO of Huttons Asia, this will be the second largest mixed-use project in the North after North Park Residences and Northpoint City. He adds that residents will enjoy the convenience of having amenities right at their doorstep.
The site is within walking distance to Khatib MRT Station on the North-South Line, making it highly accessible for residents. It is also close to various sports and recreational facilities such as Yishun Stadium, Yishun Sports Centre, and Lower Seletar Reservoir Park. In line with the URA Master Plan 2019, a green loop around Lower Seletar Reservoir will connect it to the Round Island Route at the Yishun Dam. Additionally, the site is near HomeTeamNS Khatib, which offers even more recreational facilities.
Families with young children will find the site attractive due to its proximity to schools such as Peiying Primary School and Naval Base Primary and Secondary schools. Other schools in the area include Chung Cheng High School, Orchid Park Secondary School, and Yishun Innova Junior College.
Based on the recent tender for the mixed-use GLS site at Tampines Street 94, which received six bids with a top bid of $1,004 psf ppr, Marcus Chu, CEO of ERA Singapore, expects similar levels of interest from developers for the Chencharu Close site. The Tampines Street 94 site, which is also within an HDB estate, was just 1.9% higher than the next highest bid. Huttons’ Yip predicts that the Chencharu Close site may receive fewer than three bids, with cautious bids ranging from $810 psf ppr to $850 psf ppr.
PropNex’s Wong Siew Ying, on the other hand, forecasts that the Chencharu Close site may only receive one to two bids, with the top bid ranging from $930 million to around $1 billion and a land rate of $900 to $1,000 psf ppr.
The last new private condo launch within 1km of Khatib MRT Station was the 608-unit The Estuary at Yishun Avenue 1, which was launched in February 2010 and completed in 2013. Based on recent transactions, resale prices have ranged from $1,113 psf to $1,418 psf. The 920-unit North Park Residences, which sits on top of Northpoint City mall, was launched in April 2015 and saw 70% of the 430 units released sold on its first weekend. Completed in 2018, units at North Park Residences have changed hands at prices ranging from $1,695 psf to $1,983 psf in the last three months. As for The Wisteria, a 216-unit mixed-use development completed in 2018, more than 80% of the 138 units released during its launch weekend in March 2016 were sold. “It attests to the underlying demand from buyers for mixed-use developments in developed estates,” says Chu.
According to Chu, executive flats in Yishun transacted in the last 15 months had a median price of $826,400. He adds that a few thousand flats will meet the minimum occupation period from 2023, providing a potential pool of upgrading demand for residents looking to upgrade to a private home.
However, Wong notes that the Chencharu Close site is near the Sembawang Air Base and Nee Soon Camp, which could affect the building height and the location of windows due to visual control measures for these facilities. The tender will close on May 22, 2025, giving developers more time to assess the site and gauge market demand and sentiment next year.
