Chencharu Close – Government Land Sale Site Analysis

URA launched the tender for the Government Land Sale (GLS) parcel at Chencharu Close for a mixed commercial & residential development on 26 September 2024, which subsequently closed on 22 May 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.

Table 1: Bidder for Chencharu Close GLS site

Source: HDB, ERA Research and Market Intelligence

This site is the second largest mixed-use project in the North after North Park Residence and Northpoint City. It will be defined to be a highly livable, inclusive and endearing living environment. The site will include private housing (Condominium), integrated with a bus interchange, a hawker centre, that could potentially bring neighboring property closer to amenities and transport, concurrently bringing in community spaces, retail and dining.

 Site Details
Table 2: Details of the GLS site

Source: URA, ERA Research and Market Intelligence

Map of Chencharu Close

Source: URA Space, ERA Research and Market Intelligence

 Chencharu Close is status as Yishun’s newest residential precinct that will features new convenience-driven amenities for residents, both existing and new. Since the site is located at the forefront of Yishun, it could become a notable landmark of Yishun due to the integration of a bus interchange, a hawker centre, and located within 10 minutes’ walk to Khatib MRT station.

This sizable land parcel will likely attract strong interest, appealing to buyers who value exclusivity and comprehensive facilities within the development.

2.0 Locational Attributes

Neighbourhood Amenities

This site is located within Yishun in the Outside Core Region (OCR). It is anchored by major amenities such as Northpoint City, Yishun Stadium, Khoo Teck Puat Hospital, and HomeTeam NS Hub.

Within the area of the site, there are several essential amenities for current dwellers to patronise. Given its exceptional variety of educational offerings, this Chencharu Close site is a choice location for both families with school-aged children.

Transport and Connectivity

The site is a 6 to 8 -minute walk to Khatib MRT Station on the North-South Line (NSL). Within just three MRT stops, residents can access transport hub, Bishan which offering convenient connections to multiple parts of Singapore.

In future, with the planned internal road planned network, “bus-only road” along Chencharu Link and an integrated bus interchange, it would significantly enhance connectivity not only to other towns, but within Yishun as well. With the progressive completion of the North-South Corridor from 2027 onwards, residents of Yishun will be able to shorten their commute to Central Singapore by up to 30 minutes.

Chencharu Close will promotes active mobility. The precinct will see walking and cycling paths which will link to neighbouring towns like Sembawang and to recreation nodes such as Lower Pierce Reservoir and the upcoming North South Corridor. These initiatives are set to significantly improve both internal circulation and external connectivity to the site.

Major roads connected to the site include Sembawang Road, Lentor Avenue, which connects to the Seletar Expressway (SLE).  Within a 25-minute drive, motorists can reach Orchard Road and 35-minute to Central Business District (CBD).

3.0         Price and Market Trends

In the past few years, there have been only a handful of GLS sites awarded in the Yishun planning area, let alone a mixed-use development site. There will be a pent-up demand for homes with retail and commercial aspect.

Currently, there is only one land parcel in the URA GLS confirm List within the vicinity, Miltonia Close plot, designated for an Executive Condominium (EC). The tender is expected to launch in December 2025. While EC sites are relatively rare, the location of Miltonia Close site is considered less convenient compared to Chencharu Close in terms of connectivity. However, they offer a more tranquil and serene environment with greater privacy for buyers.

Table 3: Comparable GLS sites awarded in the North Region 

Source: URA, ERA Research and Market Intelligence

 Yishun planning area has only seen few GLS sites made available in recent years. The most recent site awarded was at Canberra Crescent, which was sold for $793 psf ppr in Aug 2024.This was notably lower as compared to its neighbouring District 26 (D26) parcel at Upper Thomson (Parcel B), which fetched $905 psf ppr. This could mainly be attributed to its closer proximity to the city alongside with other factors, which typically commands a higher psf ppr.

One of the recent mixed-use GLS site in OCR awarded was Tampines Avenue 11 parcel (now Parktown Residence) which closed on 11 July 2023. The site was awarded for $885 psf ppr, notably lower than Chencharu Close. Parktown Residence is a resemblance of Chencharu, with integrated bus interchange and commercial requirements with private housing. This lower premium may be attributed due to the maturity of the estate. Tampines is a one of the mature regional centres with multiple GLS sites launched and build over the decades Developers weren’t setting a new precinct identity market but entering an already mature market. On the other hand, Chencharu Close precinct is a first mover where it is a new growth node in Yishun.

Additionally, Tampines Ave 11 has a maximum GFA of 126,700 sqm compared to Chencharu Close at 96,008 sqm. This means that larger sites mean more units to be sold, and developers must sell all units within 5 years to avoid Additional Buyer Stamp Duty (ABSD) clawback.  These factors make developers to be more cautious in bidding. As a result, developers will not bid as aggressively as they would for Chencharu Close.

Price performance of condominiums in Outside Central Region (OCR)

The lack of mixed-used GLS sites in District 27 since 2015 means a tighter supply of resale units available in this category. Resale prices of non-landed developments in Yishun have remained relatively stagnant, which record an average y-o-y growth of just 1% between 2021 and 2023. On the other hand, OCR (excluding D27) posted a steady average y-o-y growth of 9.3% over the same period. That said, from 2024 to 2025, D27 have seen a sharp 31% YoY increase in average resale prices whereas the OCR only achieve a 5% growth during the same period. This could be driven by upcoming project such as the Chencharu Close sites, which could enhance recreational offerings, as well as the progressive development of the North-South Corridor.

Chart 1: Prices of non-landed homes in District 27 vs Outside Central Region (OCR)

Source: URA as of 19 Sep 2025, ERA Research and Market Intelligence

4.0         Potential Demand/Buyer Profile

As the second largest mixed-use parcel sale in Yishun after Northpoint City Parcel, this site could attract several groups of buyers. There could potentially be a pent-up demand for non-landed homes in Yishun as the last launch for a mixed-use development was in 2015 (The Wisteria). The Wisteria sold more than 80% of its 138 units at its launched weekend in March 2015, attesting to underlying demand from buyers for mixed-use developments in developed estates.

Moreover, Chencharu Close was former ORTO Yishun with plenty of recreational activities that made way for current development. A new development would mean modern amenities and updated infrastructure (e.g use of new technology) with younger demographics for a more vibrant environment. As a result, drawing more attention to many buyers.

The latest launch via GLS in D27 was the North Gaia (Executive Condominium (ECs)), where one of the key selling points was its proximity to nature with units having overlooks the Khatib Bongsu Nature Park and river, providing peace and serenity.

Therefore, demands for this site could potentially come from homeowners looking to right-size to a smaller house. Yishun is surrounded by mature HDB towns and landed parcels such as Springleaf, Khatib, and Seletar where landed homes enclaved. Owner of larger homes may want to unlock value and downsize to one of the modern condominiums that keeps them close to their familiar surroundings.

That said, HDB dwellers and second-generation family who grew up in Yishun may prefer to purchase a home within the estate to remain within the proximity of their parents. Which could be further motivated to dispose of their ageing flats aged 22 to 30 years. Executive flats in Yishun transacted in the last 15 months saw a median price of $887,500, while 4 and 5-room HDB flats saw a median price of $569,000 and $716,400 respectively, which could fuel the down payment of a new private home.

Chencharu will also see at least 8,000 new ‘Standard’ HDB flats by 2040. Without the limitations of a subsidy clawback and 10-year minimum occupation period, they could generate upgrader demand, offering first-movers at Chencharu Close a potential exit strategy in the future.

Lastly, the lack of supply for private homes, which last new launch within 1km of Khatib MRT Station being The Estuary in March 2010, private homes in the area are ageing (14 to 33 years). The site at Chencharu Close will lead the rejuvenation of Khatib with an injection of 875 new units that could attract the bulk of demand from residents of older private homes nearby who may want to refresh leases or upgrade homes.

Table 4: Median HDB resale price

Source: HDB and data.gov as at 19 September 2025, ERA Research and Market Intelligence

Conclusion

The Chencharu Close site is highly attractive due to its location and characteristic and presents a rare opportunity to develop a mixed-use development parcel in an up-and-coming estate. However, considering that the developer is expected to manage the design and construction of the hawker centre and bus interchange, it presents considerably more developmental risks and complexities. While these costs will be reimbursed, the added construction complexity may deter some developers in which is reflected in the more cautious bidding seen from the wide spread of bid price among the 3 developers.

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.

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 and 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.

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