The Housing & Development Board has just closed the land tender for two sites:
- Chencharu Close under the 2H2024 Government Land Sales (GLS) programme, which can yield around 875 residential units and 13,000 sqm of commercial space
- An executive condominium (EC) site at Sembawang Road under the 1H2025 GLS programme, which can yield an estimated 265 units.
- Chencharu Close
There were three bids received for this plot, which was within our expectations.
The top bid was from Evia MCS Pte. Ltd., Gamuda (Singapore) Pte. Ltd. and H108 Pte. Ltd. at a bid price of S$1,012,588,989.89 or around S$980 psf ppr. This was above our expectations, and was 19.8 per cent higher than the next highest bid from Phoenix Property 1 Pte. Ltd. and Phoenix Property 2 Pte. Ltd., which was S$845 million or around S$818 psf ppr.
The most recent site sold in the Yishun planning area was the site at Upper Thomson (Parcel B), which was awarded earlier this year in April 2024 to GuocoLand (Singapore) Pte. Ltd. and Intrepid Investments Pte. Ltd at a land price of about S$905 psf ppr.
There may have been healthy interest in this land parcel, as it will be the first private residential plot for sale within the new Chencharu area. This plot will encompass a large commercial component – with a hawker centre, bus interchange, and retail amenities – serving as the heart of the new precinct. The site is near HomeTeamNS Khatib, which will also provide additional recreational facilities beyond the close connection to green spaces. Peiying Primary School is just next to the future development. The site will be a short walk away from Khatib MRT on the North-South Line, providing convenience to residents. Moreover, the future development is likely to benefit from heavy footfall, serving not only new residents in the Chencharu district, but also the established residential catchment nearby.
With few private homes launched in Yishun in recent years, there may be pent-up demand for new units in this location. Additionally, in the upcoming Chencharu precinct, only approximately 2,000 private homes are planned, and this land parcel alone accounts for over 40 per cent of that supply. Given the limited pipeline ahead, it is not surprising that developers were keen to participate in this tender.
- Sembawang Road EC
There were four bids received for this plot, which was within our expectations.
The top bid was from Oriental Pacific Development Pte. Ltd. at a bid price of S$197,777,000 or around S$692 psf ppr. This was 4 per cent higher than the next highest bid from TID Residential Pte. Ltd., which was S$190,089,000 or around S$665 psf ppr.
The healthy demand for the EC site here is unsurprising. This land parcel is conveniently located within a short walk from the Canberra MRT station and Canberra Plaza, ensuring easy access to amenities and transportation throughout the island via the North-South Line. This site is ideal for families, since it is within 1km of Ahmad Ibrahim Primary School and Yishun Primary School. The nearby Sembawang Hot Spring Park offers recreational options for future residents, enhancing the overall appeal of the area.
Moreover, the last EC land parcel sold in Sembawang was in 2019, which is now the project Provence Residence. As of July 2025 monthly developers sales data, that EC project is fully sold out and with no new EC launches since then, there is a dearth of EC supply in Sembawang. With around 10,000 4-room and 5-room flats estimated to reach MOP between 2021 and 2026 in Sembawang and Yishun, developers may be keen to tap on the expected strong demand from HDB upgraders. Recent new ECs, including Aurelle of Tampines and Otto Place, have sold well during their launches, underscoring their popularity among homebuyers.