SINGAPORE’S Housing and Development Board (HDB) on Thursday (Sep 26) launched a mixed commercial and residential site at Chencharu Close in Yishun for sale via tender.
The 99-year leasehold plot, which is on the confirmed list under the second half of 2024 government land sales programme, is expected to yield some 875 private residential units.
The development will be integrated with a bus interchange and a hawker centre. It will also include community spaces and up to 12,600 square metres (sq m) of commercial space which may be used for retail.
The Chencharu Close site spans 29,450 sq m, with a maximum gross floor area (GFA) of 96,007sq m and a gross plot ratio of 3.26.
At least 74,507 sq m – about 78 per cent of the maximum GFA – will be set aside for residential use.
This makes for the second largest mixed-use project in Singapore’s north, after Fraser Centrepoint’s North Park Residences condominium and Northpoint City shopping mall, said Mark Yip, Huttons Asia chief executive officer.
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Demand could come from residents of older private homes in the vicinity or HDB dwellers in the Yishun, who are looking to refresh their leases or “upgrade” their homes, said ERA chief executive Marcus Chu.
Executive flats in Yishun transacted at a median price of S$826,400 in the last 15 months – this could fuel the downpayment of a new private home for those living in HDB flats, noted Chu.
New precinct
Wong Siew Ying, PropNex head of research and content, said the site at Chencharu Close offers developers and homebuyers a first-mover advantage, being the first private housing site in the new Chencharu housing precinct.
ERA’s Chu believes that competition will be tight for the mixed-use land
