Evia Real Estate Led Consortium Submits Top Bid 980 Psf Ppr First Mixed Use Site Chencharu Close
The first Government Land Sales (GLS) site in the new Chencharu Town, a 99-year leasehold mixed-use commercial and residential site, has closed on Sept 11 with three bids. The highest bid of $1.012 billion, translating to $980 psf per plot ratio (ppr), was submitted by Evia Real Estate, together with joint venture partners Gamuda Land and Ho Lee Group.
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In second place was a consortium led by Frasers Property, together with Mitsubishi Estate and Lum Chang Building Contractors, with a bid of $845 million ($818 psf ppr). Sim Lian Group came in third with a bid of $692.4 million ($670 psf ppr).
According to Wong Siew Ying, PropNex head of research and content, the top bid is 19.8% higher than the next bid and 46.2% higher than the third bid, which may be due to differing assessments of the plot’s prospects among developers. As it is a new housing area with few private condos nearby, the bid price gap may reflect the relatively untested nature of the site. Wong also notes the number of bids, which is within expectations, given the size of the plot and the significant investment required for development.
At a top bid land rate of $980 psf ppr, PropNex estimates the average selling price for the project to be above $2,300 psf. This is lower than recent land bids in the Outside Central Region (OCR) but is reflective of the more complex site-specific requirements, such as the need to build a hawker centre and bus interchange, rather than a shift in developer sentiment, according to Marcus Chu, CEO of ERA Singapore.
Huttons Asia CEO Mark Yip points out that Evia Real Estate and Gamuda Land have previously collaborated on the 578-unit Gem Residences in Toa Payoh and the 548-unit executive condo, Ola in Sengkang. This marks their first joint venture in a mixed-use project, with Ho Lee Group joining in as well.
Located in a new 70ha HDB housing estate in Yishun Town, the Chencharu GLS site is surrounded by sports and recreational facilities, including Yishun Stadium, Yishun Sports Centre, and Lower Seletar Reservoir Park. It spans close to 317,000 sq ft and has a plot ratio of 3.26, which allows for the development of around 875 private residential units and 135,627 sq ft of commercial space. Of the commercial space, 37,674 sq ft will be designated for a hawker centre while another 58,125 sq ft will be allocated for a bus interchange integrated with the development. The site is a five-minute walk from Khatib MRT Station on the North-South Line.
According to Mohan Sandrasegeran, head of research and data analytics at SRI, the last mixed-use development in the area was awarded in 2015 at Yishun Avenue 4 and has since been developed into Wisteria Mall and The Wisteria residential units. However, the new Chencharu Close GLS site enjoys a more favourable location, being closer to Khatib MRT station.
The top bid price of $980 psf ppr is also 10.7% higher than the most recent comparable mixed-use site in Tampines Avenue 11. The Tampines site was awarded for $885 psf ppr in July 2023 to a joint venture between UOL Group and CapitaLand, says Tricia Song, CBRE head of research for Singapore and Southeast Asia. Despite weaker market sentiment at the time, the site was later launched in February 2025 as Parktown Residences and saw strong take-up with 1,041 units sold at an average price of $2,360 psf during its launch weekend.
Other recent mixed-use comparables include Tampines Street 94, which received six bids and was awarded for $1,004 psf ppr in September 2024 to a joint venture between Hoi Hup Realty and Sunway Developments. However, this site is smaller and does not require integration with a bus interchange and hawker centre, according to Song.