Huttons Asia has provided insights into the recent Government Land Sales (GLS) tender results for sites at Chencharu Close and Sembawang Road. The Chencharu Close mixed-use site attracted three bidders, with the highest bid reaching $980 per square foot per plot ratio (psf ppr).
Mark Yip, CEO of Huttons Asia, highlighted that this site is notable for being the first mixed-use development in the new Chencharu housing area and only the second in the Yishun planning area to integrate a bus interchange, with Khatib MRT station just a five-minute walk away.
Huttons noted that mixed-use developments are scarce, with only eight out of 47 GLS sites sold in the past five years falling into this category. Such projects are popular due to their convenience and rental potential, as evidenced by the recent success of Parktown Residence, which sold over 87% of its units during its launch weekend. The low number of unsold units in the Outside Central Region (OCR) and potential demand from over 8,000 Build-To-Order (BTO) flat owners fulfilling their Minimum Occupation Period (MOP) from 2023 make this site attractive to developers, despite the high cost exceeding $1 billion.
The Sembawang Road Executive Condominium (EC) site received four bids, with the top bid at $692 psf ppr. This site is the first EC in the Sembawang/Canberra area since 2019 and is strategically located near Canberra MRT station and various amenities. The developer aims to offer a competitively priced project appealing to HDB upgraders.
Huttons noted that the site’s proximity to a waterway and its position as the first low-rise EC in Singapore further enhance its appeal. The upcoming transformation of the former Sembawang Shipyard in the 2030s is expected to benefit the development.
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