The tender for the mixed-use site at Chencharu Close, which closed on 11 September, received only three bids despite recent strong take-up at new launches and better-than-expected economic performance.
Tricia Song, CBRE Head of Research, Southeast Asia, noted that the top bid exceeded expectations, highlighting mixed sentiments among developers.
The site, located within the Yishun HDB Township, is set to integrate a hawker centre and bus interchange, making it the second-largest mixed-use project in the North after North Park Residences and Northpoint City.
The top bid of $1.013 billion, or $980 per square foot per plot ratio (psf ppr), was submitted by a consortium of Evia Real Estate, Gamuda Berhad, and Ho Lee Group. This bid was nearly 20% higher than the second-highest bid and 46% above the third, indicating varied interest levels. CBRE noted that the site’s large size and complexity might have deterred some developers due to higher developmental risks.
In comparison, a similar mixed-use site at Tampines Avenue 11 was awarded for $885 psf ppr in July 2023, when market sentiment was weaker. The Tampines site, launched as Parktown Residence in February 2025, saw robust sales, moving 87% of its units at an average price of $2,360 psf over its launch weekend.
The Chencharu Close project, benefiting from its proximity to Khatib MRT and local amenities, could see strong demand from potential upgraders in nearby Yishun HDB estates. The future project is expected to launch at an average price of $2,450-2,550 psf.
