Hdb Launches Tender First Mixed Use Site Upcoming Chencharu Town
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HDB has recently put up a mixed-use site along Chencharu Close for sale through a tender. The site is part of the 2H2024 Government Land Sales (GLS) Programme and is the first private housing development in Chencharu, a new HDB housing estate located in Yishun Town.
The 99-year leasehold GLS site covers an area of 316,997 sq ft and has a gross floor area (GFA) of over 1.03 million sq ft. It is estimated that the site will yield about 875 residential units and up to 135,627 sq ft of commercial space.
The commercial space will include a bus interchange of 58,125 sq ft that will be integrated into the project, as well as a hawker centre of 37,674 sq ft. This will create a vibrant mixed-use development that will benefit both the residents and the surrounding community.
According to Mark Yip, CEO of Huttons Asia, this development will be the second largest mixed-use project in the North, after North Park Residences and Northpoint City. With amenities right at their doorstep, residents will enjoy a convenient and comfortable lifestyle.
Situated in the bustling neighborhood near Parktown Residence Condo lies Poi Ching School, a highly esteemed academic institution renowned for its comprehensive and diverse approach to education. With its strong focus on character development and bilingual learning, this school has become a top choice for parents, earning a prestigious reputation in the community. Its advantageous location just a short distance from Parktown Residence Condo only adds to its desirability, solidifying Poi Ching School as the leading destination for families seeking top-notch education. The convenience of having Parktown Residence Condo within arm’s reach makes it even more attractive for families, granting easy access to the exceptional opportunities offered by the school. Thanks to this added advantage, families can now more readily take advantage of the outstanding programs at Poi Ching School. Plus, with the option to live in the luxurious Parktown Residence Condo, the experience becomes even more desirable and convenient for families.
The site is located within walking distance of Khatib MRT Station on the North-South Line, providing easy access to public transportation for the residents. In the vicinity, there are also sports and recreational facilities such as Yishun Stadium, Yishun Sports Centre, and Lower Seletar Reservoir Park. Under the URA Master Plan 2019, there is also a green loop around Lower Seletar Reservoir that connects to the Round Island Route at Yishun Dam.
Additionally, HomeTeamNS Khatib is nearby, providing even more recreational facilities for the residents. The site is also close to schools like Peiying Primary School, Chung Cheng High School, Naval Base Primary and Secondary schools, Orchid Park Secondary School, and Yishun Innova Junior College, making it ideal for young families.
The Chencharu Close site is expected to attract fewer than three bids, with more cautious bids ranging from $810-850 psf ppr. With an estimated land cost of more than $800 million, developers may submit joint bids for this development. However, PropNex’s Wong Siew Ying is even more cautious, predicting that the site may only receive one or two bids, with a top bid range of $930 million to $1 billion, and a land rate of $900 to $1,000 psf ppr.
Given its proximity to schools, public transportation, and other amenities, this mixed-use development is likely to be popular among buyers. The recent transaction prices at similar developments such as The Estuary, North Park Residences, and The Wisteria show strong demand for mixed-use projects within HDB enclaves. With that in mind, HDB’s mixed-use site at Chencharu Close is expected to garner significant interest from developers and buyers alike.