The Housing & Development Board (HDB) has recently announced the launch of a mixed-use site in Chencharu Close for sale through tender. This site is part of the second half of the 2024 Government Land Sales (GLS) Programme, and it marks the first private housing development within the new 70ha HDB estate of Chencharu in Yishun Town. Occupying a 99-year leasehold, the site spans 316,997 sq ft and boasts a gross floor area of over 1.03 million sq ft.According to the HDB, the site has a potential to yield approximately 875 residential units and up to 135,627 sq ft of commercial space. It also plans to allocate at least 58,125 sq ft of the commercial space for a bus interchange to be integrated into the project, as well as another 37,674 sq ft for a hawker centre. With its prime location and diverse array of amenities, this mixed-use site is set to be a highly sought-after development in the North of Singapore.When it comes to amenities, residents will have no shortage of options as the site is situated in close proximity to Khatib MRT Station on the North-South Line, providing easy access to various parts of the island. It also offers a range of sports and recreational facilities such as the Yishun Stadium, Yishun Sports Centre and Lower Seletar Reservoir Park. In line with the URA Master Plan 2019, a green loop will also be established around Lower Seletar Reservoir to connect it to the Round Island Route at the Yishun Dam. Furthermore, the HomeTeamNS Khatib is also nearby, offering additional recreational options beyond the surrounding green spaces.This mixed-use development is also conveniently located near various schools, making it an ideal choice for young families. Notable schools in the area include Peiying Primary School, Chung Cheng High School, Naval Base Primary and Secondary schools, Orchid Park Secondary School, and Yishun Innova Junior College.According to Mark Yip, CEO of Huttons Asia, this project will be the second largest mixed-use development in the North after North Park Residences and Northpoint City. With a wide variety of amenities right at their doorstep, residents will enjoy a truly convenient lifestyle in this vibrant new community. Additionally, the strategic location of the site and its proximity to schools and recreational facilities make it an attractive choice for families and young couples alike.In terms of estimated bid prices, Marcus Chu, CEO of ERA Singapore, highlighted the success of previous mixed-use projects in the area – such as The Wisteria and North Park Residences – as an indicator of the strong demand for such developments within HDB enclaves. As such, Chu expects a similar level of interest from developers for the Chencharu Close site. Furthermore, with its close proximity to the Northpoint City and North Park Residences site in Yishun Central – which was awarded at $1,077 psf ppr in September 2013 – Chu believes that this new site will attract bids of similar magnitude.Commenting on the potential demand for this development, Chu notes that there has been a steady appreciation in private residential property prices in Yishun. Notably, executive flats in the area have a median price of $826,400. Furthermore, the upcoming completion of more than a thousand flats in the coming years is likely to drive demand from HDB dwellers looking to upgrade to a private home.As with any development, there are certain considerations that potential buyers should take note of. According to Wong Siew Ying, PropNex head of research and content, the Chencharu Close site is located near the Sembawang Air Base and Nee Soon Camp, which could potentially affect the building height and number of storeys allowed. Furthermore, there may be “visual controls” in place to shield the facilities at Sembawang Air Base and Nee Soon Camp from external views, which could also potentially affect the location of windows. As such, buyers should take these factors into consideration when assessing the site and its potential.This tender will close on May 22, 2025, giving developers ample time to study the site and better understand the market demand and sentiment for this development. Therefore, it is likely that the top bid price will range from $930 million to around $1 billion, with a land rate of $900 to $1,000 psf ppr.Overall, the Chencharu Close mixed-use site offers great potential for developers and buyers alike. With its prime location, range of amenities and strategic proximity to schools and recreational facilities, this development is set to be a valuable addition to the vibrant new community of Chencharu in Yishun Town.
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