Evia Real Estate Led Consortium Submits Top Bid 980 Psf Ppr First Mixed Use Site Chencharu Close
The highly anticipated Government Land Sales (GLS) tender for a 99-year leasehold mixed-use commercial and residential site in the new Chencharu Town has concluded on September 11th, with three competitive bids. The site, located at Chencharu Close, was awarded to Evia Real Estate, together with joint venture partners Gamuda Land and Ho Lee Group, for a bid of $1.012 billion, translating to $980 psf per plot ratio (ppr).
The second-highest bid of $845 million ($818 psf ppr) was submitted by a consortium led by Frasers Property, together with Mitsubishi Estate and Lum Chang Building Contractors. Sim Lian Group came in third with a bid of $692.4 million ($670 psf ppr). According to Wong Siew Ying, Head of Research and Content at PropNex, the top bid is 19.8% higher than the second bid at $818 psf ppr and 46.2% higher than the third bid at $670 psf ppr.
“The significant gap between the top bid and the other two bidders could be due to varying evaluations of the site’s potential among developers. This area is relatively new and untested, with few private condos in the vicinity,” she explains. “The number of bids received is in line with our expectations, as this is a large site with over 1 million sq ft of maximum gross floor area, which requires a substantial investment.”
Based on the top bid land rate of $980 psf ppr, PropNex estimates the average selling price for the project to be above $2,300 psf. While this is lower than recent land bids in the Outside Central Region (OCR), Marcus Chu, CEO of ERA Singapore, notes that the top bid of $980 psf ppr is indicative of the specific requirements of the site, such as the need for a hawker centre and bus interchange, rather than a shift in developer sentiment.
Huttons Asia CEO Mark Yip also points out that Evia Real Estate and Gamuda Land were joint venture partners for the 578-unit Gem Residences in Toa Payoh, launched in 2016, and the 548-unit executive condominium (EC), Ola in Sengkang, launched in 2020. This project in Chencharu Close marks their first mixed-use development, joined by Ho Lee Group.
This GLS site is the first mixed-use development in Chencharu, a new 70ha HDB housing estate within Yishun Town. It is near various sports and recreational facilities such as Yishun Stadium, Yishun Sports Centre, and Lower Seletar Reservoir Park. The plot has a land area of close to 317,000 sq ft, with a plot ratio of 3.26. It can be developed into a mixed-use development with approximately 875 private residential units and 135,627 sq ft of commercial space. Out of this, 37,674 sq ft is designated for a hawker centre, and 58,125 sq ft is allocated for an integrated bus interchange. The development is only a five-minute walk from the Khatib MRT Station on the North-South Line.
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Mohan Sandrasegeran, Head of Research and Data Analytics at SRI, mentions that the last mixed-use development in the vicinity is the one at Yishun Avenue 4, which was awarded in 2015. This was eventually developed into Wisteria Mall and The Wisteria residential units. “Compared to that site, the new Chencharu Close GLS site enjoys a location advantage, being closer to Khatib MRT station,” he adds.
The top bid price of $980 psf ppr also represents a 10.7% premium from the most recent comparable mixed-use site, with similar scale and requirements such as a bus interchange and a hawker centre, at Tampines Avenue 11. This site received three bids and was awarded to a joint venture between UOL Group & CapitaLand for $885 psf ppr in July 2023, at a time when market sentiment was weaker prior to interest rate cuts. The site was launched as the 1,193-unit Parktown Residences in February 2025, with 1,041 units, or 87% of the total, selling at an average price of $2,360 psf over its launch weekend.
Other recent comparable mixed-use sites include Tampines Street 94, which received six bids and was awarded to a joint venture between Hoi Hup Realty and Sunway Developments for $1,004 psf ppr in September 2024, says Tricia Song, Head of Research for Singapore and Southeast Asia at CBRE. However, the site is smaller and does not require integration with a bus interchange and hawker centre.