Hdb Launches Tender First Mixed Use Site Upcoming Chencharu Town
HDB has launched a mixed-use commercial and residential site along Chencharu Close for sale by tender. This site is part of the confirmed list under the 2H2024 Government Land Sales (GLS) Programme. It is also the first private housing site in Chencharu, a new 70ha HDB housing estate in Yishun Town.
The 99-year leasehold GLS site spans 316,997 sq ft and has a gross floor area (GFA) of more than 1.03 million sq ft. HDB estimates that it can yield approximately 875 residential units and up to 135,627 sq ft of commercial space. The commercial space includes a bus interchange and a hawker centre, with at least 58,125 sq ft allocated for the bus interchange and 37,674 sq ft for the hawker centre.
Mark Yip, CEO of Huttons Asia, notes that this will be the second largest mixed-use development in the North, after North Park Residences and Northpoint City. He predicts that the site will attract many buyers due to its convenience and amenities.
The site is situated within walking distance to the Khatib MRT Station, providing easy access to transportation for residents. It is also close to various sports and recreational facilities, such as Yishun Stadium, Yishun Sports Centre, and Lower Seletar Reservoir Park. Additionally, there are plans for a green loop around Lower Seletar Reservoir, connecting it to the Round Island Route at Yishun Dam under the URA Master Plan 2019. It is also near HomeTeamNS Khatib, which will provide additional recreational facilities.
Families with young children will find the site appealing as it is within close proximity to schools such as Peiying Primary School, Chung Cheng High School, Naval Base Primary and Secondary schools, Orchid Park Secondary School, and Yishun Innova Junior College.
According to Marcus Chu, CEO of ERA Singapore, the last commercial and residential GLS site at Yishun Ring Road was sold in 2015 at $629 psf per plot ratio (ppr). This site was developed into the 216-unit The Wisteria sitting atop Wisteria Mall, which was completed in 2018. He also notes that the site is near Northpoint City and North Park Residences, which was awarded at $1,077 psf ppr in September 2013, demonstrating the strong demand for mixed-use sites.
Based on the recent tender at the mixed-use GLS site at Tampines Street 94, Chu expects a similar level of interest from developers for the site at Chencharu Close. The Tampines Street 94 site received six bids and a top bid of $1,004 psf ppr on September 19. Wong Siew Ying, PropNex head of research and content, projects that the site may attract fewer than three bids, with more cautious bids between $810 psf ppr and $850 psf ppr. She expects the top bid to range from $930 million to around $1 billion, with a land rate of $900 to $1,000 psf ppr.
The last new private condo launch within 1km of Khatib MRT Station was The Estuary, which was launched in February 2010 and completed in 2013. Based on caveats lodged from July to September, resale prices have ranged from $1,113 psf to $1,418 psf. North Park Residences, a 920-unit project atop Northpoint City mall, was launched in April 2015 and saw 70% of the 430 released units 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.
The Wisteria sold more than 80% of the 138 units released on its launch weekend in March 2016. The 216-unit development sits atop Wisteria Mall and was completed in 2018. Executive flats in Yishun have a median price of $826,400, adds Chu. He also notes that a few thousand flats will meet the minimum occupation period from 2023, providing a potential pool of upgrading demand.
However, Wong warns that the site is near the Sembawang Air Base and Nee Soon Camp, which could affect the number of storeys the new development can have. The tender will close on May 22, 2025, giving developers more time to assess the site and gauge market demand and sentiment next year.
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Recent transactions at North Park Residences Recent transactions at The Wisteria Recent transactions at The Estuary
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