Chencharu Close GLS Site: S$1.01 Billion Top Bid

On September 11, 2025, the Government Land Sales (GLS) programme saw a significant milestone with the closing of the tender for the mixed-use site at Chencharu Close, Yishun. This 99-year leasehold plot, situated near Khatib MRT station, attracted three competitive bids.

Tender Results

• Top Bid: A consortium comprising Evia Real Estate, Gamuda Land, and Ho Lee Group submitted the highest bid of S$1.012 billion, translating to approximately S$980 per square foot per plot ratio (psf ppr).
• Second Bid: A consortium led by Frasers Property, Mitsubishi Estate, and Lum Chang Building Contractors offered S$845 million (S$818 psf ppr).
• Third Bid: Sim Lian Group placed a bid of S$692.4 million (S$670 psf ppr).

The top bid was nearly 20% higher than the second and 46% above the third, indicating strong developer confidence in the site's potential.

Development Potential

The 317,000 sq ft site is expected to yield approximately 875 private residential units, with a gross floor area (GFA) of about 1.03 million sq ft. Additionally, up to 135,625 sq ft of commercial space is planned, which must be held as a single strata lot, enhancing the site's mixed-use appeal.

Industry experts anticipate that the eventual selling price for private homes on this site could average above S$2,300 psf, aligning with other large-scale developments in the Outside Central Region (OCR). Business Times

Oriental Pacific's Sembawang EC Plot Bid

In a separate GLS tender, Oriental Pacific Holdings emerged as the top bidder for the executive condominium (EC) site at Sembawang Road. The 99-year leasehold plot attracted four bids, with Oriental Pacific's offer of S$197.78 million (approximately S$692 psf ppr) leading the pack.

Market Insights

The Sembawang EC site received a more measured response compared to the Chencharu Close GLS site. The price gap between the top two bids was about 4%, suggesting a more cautious approach by developers in the EC segment. Business Times

Comparative Analysis

The significant difference in bid amounts reflects varying developer strategies and market perceptions between mixed-use residential developments and executive condominiums.

Market Outlook

The strong interest in the Chencharu Close GLS site underscores the growing appeal of the North Region, particularly with the upcoming North-South Corridor enhancing connectivity. Developers are optimistic about the area's potential, especially with the integration of residential, commercial, and transportation hubs.

Conversely, the more conservative bidding for the Sembawang EC site may indicate a more cautious approach in the EC market, possibly due to factors like pricing strategies and buyer affordability.

Conclusion

The recent GLS tender results highlight the dynamic nature of Singapore's real estate market. While the Chencharu Close GLS site attracts significant developer interest, the Sembawang EC plot sees a more tempered response. These developments reflect broader trends and considerations within the residential and executive condominium sectors.