The Housing and Development Board has closed tenders for two significant land sites, with OrangeTee-Realion providing insights into the outcomes. The Chencharu Close site, part of the H2 2024 Government Land Sales (GLS) programme, received three bids, with the highest from Evia MCS Pte. Ltd., Gamuda (Singapore) Pte. Ltd., and H108 Pte. Ltd. at $1.013b, or approximately $980 per square foot per plot ratio (psf ppr). This bid was 19.8% higher than the next highest offer from Phoenix Property 1 Pte. Ltd. and Phoenix Property 2 Pte. Ltd., which stood at S$845 million or about $818 psf ppr.
The Chencharu Close site is notable for its potential to yield around 875 residential units and 13,000 square metres of commercial space. The location is set to become a vibrant hub with a hawker centre, bus interchange, and retail amenities, enhancing its appeal. Its proximity to Khatib MRT and recreational facilities like HomeTeamNS Khatib and Peiying Primary School adds to its attractiveness.
Justin Quek, CEO of OrangeTee, noted the limited supply of private homes in Yishun, suggesting pent-up demand for new units.
Meanwhile, the Sembawang Road executive condominium (EC) site, part of the H1 2025 GLS programme, attracted four bids. The top bid came from Oriental Pacific Development Pte. Ltd. at $197.78m, or roughly $692 psf ppr, which was 4% higher than the next bid from TID Residential Pte. Ltd.
This site is strategically located near Canberra MRT and Canberra Plaza, making it ideal for families.
OrangeTee noted that the last EC land parcel in Sembawang was sold in 2019, and with no new EC launches since, there is a scarcity of EC supply in the area. The expected demand from HDB upgraders, coupled with the popularity of recent EC projects, underscores the site’s potential.
