Commentary on the closing of GLS site at Chencharu Close

SINGAPORE, 11 September 2025 – The tender for the Government Land Sale (GLS) site at Chencharu Close closed on 4 September 2025. In total, the site drew interest from three bidders, with the top bid of $1.013 billion (or $980 psf ppr) submitted by a consortium comprising Evia MCS Pte. Ltd., Gamuda (Singapore) Pte. Ltd. and H108 Pte. Ltd.

“The top bid of $980 psf ppr, though below recent OCR land bids, is more reflective of more complex site-specific requirements, including the need to build a hawker centre and bus interchange, when compared to other attractive GLS sites, rather than a broader shift in developer sentiment. The last site awarded for under $1,000 psf in 2025 was at Lentor Gardens at $920 psf ppr in April 2025,” says Marcus Chu, CEO, ERA Singapore.

“The sizable project (875 units), alongside a retail podium, could be a strong draw for HDB upgraders, being in an established HDB town with amenities and facilities. Additionally, the last new home launch in Yishun was around a decade ago; we can expect to see reasonable demand.”

“The developer is expected to manage the design and construction of the hawker centre and bus interchange, which have likely weighed on the land bids even though the cost will be reimbursed.”

 

For media enquiries, please contact:

Lisha Rodney

Public Relations Manager, ERA Singapore

Email: [email protected]

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