The Housing Development Board (HDB) has announced the tender results for two government land sales (GLS) sites, an executive condominium (EC) plot on Sembawang Road and a mixed-use site at Chencharu Close in Yishun. These sites could potentially yield 265 new EC units, 875 private homes, and approximately 13,000 square metres of commercial space.
Despite recent optimistic land bids, these sites attracted moderate interest due to location and development size.
The Sembawang Road EC site, which can offer 265 units, received four bids. The highest bid of $197.8 million came from JBE Holdings’ Oriental Pacific Development, translating to a land rate of $692 per square foot per plot ratio (psf ppr). This bid was 4% higher than the second bid from TID Residential but significantly higher than the lowest bid from Sim Lian.
Wong Siew Ying, Head of Research and Content in PropNex, noted that the site’s distance from Canberra MRT station and limited amenities may have contributed to the cautious bidding.
On the other hand, the Chencharu Close site, which can yield 875 residential units and commercial space, attracted three bids. The top bid of $1.01 billion was submitted by Evia Real Estate, Gamuda, and Ho Lee Group, translating to $980 psf ppr.
PropNex noted that this bid was notably higher than the other two, reflecting differing developer assessments of the site’s potential. The location near Khatib MRT station and integration with a hawker centre and bus interchange are seen as advantages.
Both sites are expected to attract interest from HDB upgraders and first-time homebuyers, with estimated selling prices above $1,700 psf for Sembawang and $2,300 psf for Chencharu. The developments are anticipated to become focal points in their respective areas, drawing residents and visitors alike.
